Blackstone-Backed Legence Stock Makes A Weak Debut On Nasdaq

Legence Corp.’s (LGN) shares made a weak debut on the Nasdaq on Friday, with the company’s shares listing at $27 apiece.

At the time of writing, Legence’s shares were hovering at $27.16, or 3% lower compared to the issue price of $28.

The Blackstone Inc.-backed (BX) engineering and maintenance services provider raised $728 million through the initial public offering (IPO), with 26 million shares on offer.

Blackstone acquired Legence, formerly known as Therma Holdings, in 2020 from private equity firm Gemspring Capital.

The San Jose, California-based company’s market capitalization hovered around $1.5 billion at the time of writing. It offers heating, ventilation, and air conditioning services, including their engineering, installation, and maintenance. It also offers plumbing and other building-related services, with a focus on high-growth sectors, which have technically demanding buildings, such as data centers.

According to the company’s filings with the U.S. Securities and Exchange Commission, Legence reported a revenue of $1.1 billion in the first six months of 2025, with a net loss of $26.5 million. In the same period a year ago, Legence’s revenue was $989.6 million, with a net loss of $8.8 million.

The company reported an order backlog of $2.8 billion as of June 30, 2025, representing a 29% increase over the same period a year ago. In its SEC filing, the company stated that it intends to use a portion of the IPO proceeds towards repaying a portion of its outstanding borrowings under the term loan credit facility and for general corporate purposes.

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