Bill Gates-backed Fervo Energy stock surges 35% on Nasdaq debut after raising $1.89 billion in upsized IPO |
Bill Gates-backed Fervo Energy stock surges 35% on Nasdaq debut after raising $1.89 billion in upsized IPO
The geothermal startup's market valuation surpassed $10 billion after it raised $1.89 billion, pricing above its marketed range
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Fervo Energy stock surged 33% on its Nasdaq $NDAQ debut Wednesday after the Houston-based geothermal company raised $1.89 billion in an upsized initial public offering, pushing its market valuation past $10 billion.
Shares were priced at $27 apiece — above a marketed range of $25 to $26 — with 70 million sold in total, per the company. The offering was upsized from an originally proposed 55.6 million shares to 70 million shares, with underwriters also........