Fervo Energy said it has increased the size of its proposed initial public offering to 70 million shares of Class A common stock, up from an earlier plan for 55.6 million shares. At the same time, the Houston-based geothermal developer announced an expected IPO price range of $25.00 to $26.00 per share, higher than the prior $21.00 to $24.00 range the company had anticipated.
The company has given the underwriting syndicate a 30-day option to purchase up to an additional 10.5 million shares, a standard mechanism that can expand the overall size of the offering if exercised. Fervo has applied to have its Class A common stock listed on the Nasdaq under the ticker symbol "FRVO," subject to an official notice of issuance that must be completed for the listing to proceed.
Management engaged a consortium of lead bookrunners to manage the transaction. The joint lead bookrunning managers are J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays. Additional bookrunning managers named for the offering include Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance.
Fervo has filed a registration statement with the U.S. Securities and Exchange Commission in connection with the planned offering. That registration statement has not yet become effective; the company emphasized that the securities cannot be sold until the registration statement is declared effective by the SEC.
On the technology side, the company develops enhanced geothermal systems aimed at utility-scale power generation. Fervo combines horizontal drilling, fiber-optic sensing, and advanced reservoir engineering techniques in its approach to geothermal energy production, positioning those technical elements at the core of its offering.
The announcement updates several interrelated elements of the offering: the number of shares, the targeted price band, the underwriters' overallotment option, and the intended Nasdaq listing. Each of these items remains contingent on regulatory clearance and any exercise of the underwriters' option, which would change the total number of shares available in the IPO.
Summary - Fervo Energy has raised its planned IPO to 70 million Class A shares, set an expected price range of $25.00 to $26.00 per share, granted underwriters a 30-day option for up to 10.5 million additional shares, filed a registration statement with the SEC that is not yet effective, and applied to list on Nasdaq under the ticker FRVO, subject to official notice of issuance.