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Investment Review №327. The soft power of the Federal Reserve

Legence Corp. System Service Provider

Investment Review №327. The soft power of the Federal Reserve

Yerlan Abdikarimov

Yerlan Abdikarimov

Head of Financial Analysis Department at Freedom Broker

Legence Corp. System Service Provider

On August 15, 2025, Legence Corp., a firm specializing in engineering and service provision, officially filed for an IPO. The offering is being managed by a consortium of leading financial institutions, including Goldman Sachs, Jefferies, BofA Securities, Barclays, Morgan Stanley, RBC Capital, SOCIETE GENERALE, BMO Capital, and Cantor, among others.

IPO
Issuer Bullish US LLC

Ticker

 BLSH

Exchange

 NYSE

Underwriters

 Goldman Sachs, Jefferies, BofA Securities, Barclays, Morgan Stanley, RBC Capital, SOCIETE GENERALE, BMO Capital, Cantor, Guggenheim Securities, Wolfe Nomura Alliance, MUFG, Roth Capital, Santander, Stifel, TD Cowen, BTIG, Rothschild & Co.

 

Investment potential

  • Company Overview. Legence delivers specialized services in the design, installation, and maintenance of critical building systems. The firm is recognized for its expertise in designing, fabricating and installing HVAC, process piping and other mechanical, electrical, plumbing systems for both new and existing facilities. Its emphasis lies in upgrading HVAC, lighting, and building control systems within existing structures. Legence targets sectors characterized by rapid growth and technical complexity, such as technology, life sciences, healthcare, and education, securing more than 60% of Nasdaq-100 Index companies as clients. As of June 30, 2025, Legence reported a backlog and awarded contracts totaling $2.8 billion, reflecting a 29% increase year-over-year. The company employs a robust team of approximately 1,200 engineering systems engineers and energy consultants, in addition to around 3,400 service technicians, installers, and electricians, including about 570 dedicated to maintenance services for over 5,900 customers. Between 2021 and 2024, Legence executed over 50,000 projects annually nationwide.
  • Market Opportunities. As per the 2024 RSMeans data, expenditures on the design and installation of utility systems constitute an average of 26% of the overall construction budget for new industrial and commercial buildings. This proportion escalates to 35% for laboratory projects and 39% for hospitals. Furthermore, nonresidential building investments in the U.S. have surged from $279 billion in 2021 to $437 billion in 2024, marking a compound annual growth rate of 16%, according to data from the Dodge Construction Network.
  • Financials. The company's growth rate was 30% in both 2023 and 2024, before moderating to 12% in the first quarter of 2025. The operating margin remains stable at 1-4% for 2023-2024 and Q1 2025.

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