June 10 (Reuters) – ERock raised $600 million in its U.S. initial public offering, the natural gas generator maker said late on Tuesday, becoming the latest company to debut amid a busy market for new listings. Here are some details of the IPO: • The Houston, Texas-based company sold about 27.9 million shares priced at […]
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Gas generator maker ERock raises $600 million in US IPO
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June 10 (Reuters) – ERock raised $600 million in its U.S. initial public offering, the natural gas generator maker said late on Tuesday, becoming the latest company to debut amid a busy market for new listings.
Here are some details of the IPO:
• The Houston, Texas-based company sold about 27.9 million shares priced at $21.50 each, the mid-point of its indicated range of $20 to $23.
• ERock joins a host of companies that have recently taken the public market path, as momentum in the U.S. IPO market has returned with renewed investor optimism for fresh stocks.
• Elon Musk’s SpaceX is going public this week, while AI giants Anthropic and OpenAI have already filed confidentially to go public in New York.
• ERock, founded in 2006, provides natural gas generators to data centers, utilities, and commercial and industrial customers across nine U.S. states. A huge chunk of its revenue comes from high-growth regions such as Texas and California.
• The company, formerly called Enchanted Rock, is targeting to increase its annual assembly capacity to roughly 1.2 GW by the end of 2026 with the development of its Hyperion facility in Houston.
• Morgan Stanley and J.P. Morgan are joint lead bookrunning managers.
• ERock will begin trading on the New York Stock Exchange under the ticker “EROC”, later on Wednesday.
(Reporting by Pritam Biswas in Bengaluru; Additional reporting by Manya Saini; Editing by Joyjeet Das and Shinjini Ganguli)