Blackstone-Backed Legence Raises $728 Million in US IPO

Blackstone Inc.-backed engineering company Legence Corp. raised $728 million in its US initial public offering, pricing its shares within a marketed range.

The company sold 26 million shares for $28 each after marketing them for $25 to $29 each, according to a statement Thursday. The deal was oversubscribed, Bloomberg News reported earlier.

The price gives Legence a market value of about $2.8 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The San Jose, California-based company provides engineering, installation and maintenance for HVAC, plumbing and other building systems. Legence focuses on ...