Tag Archives: IPO

Power systems provider ERock raises $600 million in its IPO

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ERock, which produces natural gas distributed power systems for commercial customers, has completed its initial public offering (IPO). The company raised $600 million by offering 27.9 million shares at $21.50. That was in the midpoint of the expected range of $20 to $23. At that price, the company had an initial market capitalization of $4.7 billion.



History

ERock was originally founded in 2006 in Houston and was known as Enchanted Rock. It provided emergency diesel systems to provide rapid-response backup power. During 2019, the company pivoted to a modular natural gas microgrid system that customers would rent, rather than buy. In 2016, the company signed a contract with HEB covering 45 stores in the Houston-area. Energy Impact Partners then invested in ERock in 2017.

The company deploys its systems in three configurations: bridge power, which provides prime power ahead of grid interconnection; backup power during grid disruptions and dispatchable power, which delivers on-demand flexible capacity for peak load management.

Financials 

More recently, the company has signed deals with datacenter customers such as Microsoft. At the end of March 2026, the company had a backlog of $1.3 billion, up from $145 million at March 2025.

For 2025, the company had revenues of $183 million but an adjusted EBITDA loss of $23 million. Prior to the IPO, the company had $300 million in cash, primarily as a result of customer deposits paid in Q1 2026 against the backlog.

Net proceeds after underwriting discounts and commissions will be $553 million. $291 million will be added to cash and $77 million will be used to repay old debt. The balance of $184 million will be paid to pre-IPO shareholders and certain current and former directors and officers.

Management

The CEO of ERock is John Carrington. He joined in November 2025 and was previously the CEO at Stem Inc, a Houston public company that offers energy software and storage systems. Mr. Carrington took over from founder Thomas McAndrew, who stepped down earlier in 2025.

Ian Blakely is the CFO of ERock. He has been with the company since 2014. He held the CFO role from 2014 to 2020, before becoming Chief Strategy Officer and then Chief Technology Officer. Mr. Blakely assumed the CFO role again in June 2025.

The company will list on the NYSE under the ticker ‘EROC’. Not to be confused with another Houston company that went public recently, EagleRock Land, which took the ticker ‘EROK’

SEC filing – S-1/A – ERock

EagleRock Land completes IPO with $2.4 billion market cap

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EagleRock Land has completed its IPO, raising $320 million by selling 17.3 million shares at $18.50, the mid-point of the marketed range of $17-$20 per share. At that price, it has a market capitalization of $2,4 billion.



The company

The company collects royalties and fees from oil and gas producers on land it controls in the Permian Basin. It owns or controls 236,000 surface acres in West Texas and southeastern New Mexico. The company does not own the mineral interests that underlie the surface acreage. It generates revenue from from completion and production activities including right-of-way, easements, commercial water supply and produced water recycling. For 2025, the company had revenues of $141 million.

The company has its head office in the Memorial City area of Houston. The predecessor company was formed in 2023. According to this Reuters article, the portfolio was formed from the combination of oil and gas assets from a handful of entrepreneurs, including Greg Mabee. He is part of the family that owns the Mabee Ranch.

Mabee Ranch

That ranch is a 70,000 acre continuous tract of land, located north of Midland. The ranch was established in 1933 by John Mabee, a farmer originally from Missouri.  As you can imagine, the ranch has created significant wealth over the years. The charitable foundation started by John Mabee and his wife has distributed over $1.6 billion in grants since it formed in 1948.

The subsurface mineral rights for the ranch were sold for $231 million in January 2025 to Kimbell Royalty Partners, a public company based in Fort Worth. It appears the surface rights for some of the acreage was sold to Eagle Rock.

Management

The CEO of Eagle Rock is Greg Pipkin. He as previously the Senior VP, Corporate Development and Strategy of Infinity Natural Resources. Neal Shah is the CFO. He was previously the CFO at Pioneer Natural Resources.

EagleRock trades under the ticker EROK.

SEC filing – S-1 EagleRock Land

[Not to be confused with another Houston company, ERock, that has announced plans to go public with the ticker EROC. ERock, formerly Enchanted Rock, historically has provided back-up generators for the likes of HEB].

 

 

 

Fervo Energy raises $1.9 billion through upsized IPO

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Fervo Energy, a geothermal company, has completed its Initial Public Offering (‘IPO’). It priced 70 million shares at $27, versus original plans to offer 55.6 million shares at between $21-$24.

The company raised $1.9 billion, giving it an overall valuation of $7.7 billion.



Fervo has its headquarters in downtown Houston. The company uses fracking technology to create geothermal reservoirs to generate electricity. For its plant in Utah that is currently under construction, it drilled a well vertically 9,000 feet and horizontally 5,000 feet. Hot brine heats a closed-loop fluid that spins a turbine, with cold brine reinjected into the reservoir.

The plant in Utah is expected to have a total capacity of 500 megawatts, with the first 100 megawatts projected to come online in early 2027.  The company has signed binding offtake agreements with the likes of Southern California Edison, Shell and Google for 658 megawatts. The company has to complete the Utah plant by June 2028, otherwise it will incur penalties.

Fervo states that its current costs are about $7,000 per kilowatt of capacity, though it projects that it can bring that down to $3,000. That would make a geothermal plant only slightly more expensive than a gas-fired facility.

Fervo was founded in 2017. Its principal backers include Devon Energy (who owned 17% pre-IPO), Jeff Skoll (who founded EBay), Bill Gates and John Arnold (a former Enron energy trader and hedge fund manager).

Management

CEO Tim Latimer was previously a drilling engineer at BHP Billiton. He then earned an MBA from Stanford in Energy Resources Engineering. That’s where he met Jack Norbeck. The two co-founded Fervo and Mr. Norbeck serves as its Chief Technology Officer.

David Ulrey is the CFO of Fervo. He joined the company in 2021 and previously held finance and leadership positions at NOV and investment banking roles at Simmons and Piper Jaffray.

At the end of the first day of trading, the stock closed at $36.54, up 35%.

SEC Filing – S-1 Fervo Energy

 

 

Houston blank check company completes $200 million IPO

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ACP Holdings Acquisition, a blank check company, has completed its $200 million initial public offering (IPO).



 

The company is an affiliate of Atlas Credit Partners, a Houston-based credit-focused asset manager, that provides financing solutions to public and private middle-market companies. ACP has its head office in River Oaks.

The CEO of ACP, Drew Mallozzi, founded Atlas Credit Partners in 2019 and serves as its CEO and Chief Investment Officer. He previously served as Managing Director at Anchorage Capital Group, a hedge fund that specialized in distressed debt. Prior to that he was a Portfolio Manager in the Private Capital Group of AIG Investments.

Andrew Sung is the CFO of ACP. He is also the Director of Research at Atlas Credit Partners. His previous experience has been as a credit analyst. He started his career as a credit trader at Lehman Brothers/Barclays Capital and, later, Credit Suisse.

Approximately 85% of Atlas’s historical transactions have been sourced through its network and proprietary database of 2,000 private opportunities. In addition, the management team has expertise in complex transactions and a downside-focused investment approach. For these reasons, ACP believes it is well-placed to find a business to take public.

ACP becomes the second Houston-area company to go public this month, following HMH completing its $862 million IPO.

SEC Filing – S-1 ACP Holdings

 

Drilling equipment manufacturer completes $862m IPO

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HMH Holdings has completed its initial public offering by raising $210 million from offering 10.5 million shares at a price of $20. This was within the expected price range of $19 to $22. At that price, the company has a market capitalization of $862 million.

The company has its head office off the beltway near George Bush Intercontinental airport. The company manufactures and designs offshore drilling equipment and was formed in 2021 as a joint venture between the subsea and surface drilling systems division of Baker Hughes and the MHWirth subsidiary of Akastor ASA (formerly Aker Solutions).

Although HMH is a relatively new company, it has a long pedigree.

  • Wirth Drilling was founded in 1895 in Germany to produce specialized drilling equipment.
  • Hydril was formed in 1933 and is known for manufacturing blowout preventors. It was a public company between 2000 and 2007.
  • Vetco Offshore was founded in 1930 in California. In the mid-1980’s it merged with Gray Tool Company to form Vetco Gray, which was later acquired by GE for $1.9 billion in 2007.

For 2025, the company had revenues of $822 million and adjusted EBITDA of $135 million (16.4%).

The CEO of the company is Eirik Bergsvik. He was previously the CEO of MHWirth and is based in Norway. Prior to that, he was CEO of Interwell AS and Managing Director of National Oilwell Norway.

The CFO is Tom McGee, who is based in Houston. He also worked at MHWirth and National Oilwell Varco (where he was VP of Corporate Development). Mr. McGee also had a spell at Warburg Pincus, a private equity firm

SEC filing – S-1 HMH

 

Houston-based blank check company completes $201m IPO

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Dynamix III, a blank check company based in The Galleria, has completed its $201 million initial public offering (‘IPO’). It is targeting businesses in the energy, power and digital infrastructure industries. The proceeds consisted of a $175 million initial offer, plus $26 million from the underwriters’ exercise of their option to purchase additional units in full.

Management

The CEO is Andrea Bernatova. She was the CEO of ESGEN, a special purpose acquisition company (SPAC) that merged with Sunergy Renewables and was renamed Zeo Energy. (Not surprisingly for a residential solar company, its shares have plunged since going public in March 2024).

Ms. Bernatova started her corporate career as VP of Finance and Investor Relations at PennTex Midstream Partners in 2014. That business went public in 2015 and sold to Energy Transfer Partners a year later. Prior to that, she worked as an investment banker at Morgan Stanley, Credit Suisse, and The Blackstone Group.

The CFO is Nader Daylami. He was also the CFO at ESGEN. Prior to that, he was the VP of Finance at Bruin and Ursa Resources, two exploration and production companies. He also worked as in investment banker at Morgan Stanley in Houston, at the same time as Ms. Bernatova.

Dynamix Corp

Ms. Bernatova and Mr. Daylami are also CEO & CFO of Dynamic Corp. That is a separate SPAC that went public in November 2024 in a $150m IPO. In July, it announced a deal to take The Ether Machine (ETHM) public. ETHM is a pure-play Etherium company. Technically, Ether is the bitcoin, Etherium refers to the blockchain infrastructure that Ether supports. The Ether coins can be used to power those applications on that blockchain.

The Ether Machine will hold 400,000 Ether (worth about $1.6 million) and will generate returns for institutional investors by staking or restaking Ether (i.e. generate a return by validating transactions on the blockchain).

[Update April 2026 – The deal between Dynamix and The Ether Machine has collapsed. The latter will pay the former $50 million as a termination fee].

https://www.globenewswire.com/news-release/2025/10/31/3178670/0/en/Dynamix-Corporation-III-Completes-201-25-Million-Initial-Public-Offering.html

 

 

KBR to spin off government services business

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KBR has announced that it will split itself into two and spin off its Mission Technology Solutions Segment (‘MTS’) into a new publicly-traded entity. The new KBR will continue with its Sustainable Technology Solutions business (‘STS’).

As part of the its plan, the company announced the following management changes;

  • CEO Stuart Bradie will become the CEO of the new KBR.
  • Mark Sopp, the current CFO, will transition into a new role overseeing the team responsible for spinning off MTS.
  • Shad Evans, the current SVP of Financial Operations will become the new CFO of legacy KBR, effective January 5, 2026. Once the spin-off is complete, he will become the CFO of the new KBR.
  • The company has engaged a search firm to help select candidates to lead MTS.

The STS segment focuses on process technologies in ammonia & syngas, chemicals & petrochemicals, clean refining and circular solutions (i.e recycling plastics). For the 6 months to June 2025, the segment had revenues of $1.1 billion and EBITDA of $253 million or 23.2%.

The MTS segment primarily works on logistical and systems support for governments (US, UK and Australia). For the 6 months to June 2025, the segment had revenues of $2.9 billion and EBITDA of $291 million or 10.1%.

In late 2024, activist investor, Irenic Capital Management (run by a former Elliott Management manager) took a 1% stake in KBR and advocated for a split. It argued that the two segments had different growth and margin profiles and that concerns over the government business meant that STS was undervalued. Although Irenic has since sold off its stake, the Board of KBR evidently agreed.

KBR currently has a market cap of $6 billion.

It’s Deja Vu all over again

The company has been through this cycle before. KBR was created in 1998 when MW Kellogg merged with Halliburton’s construction subsidiary, Brown & Root to form KBR. Halliburton spun off KBR into a separate public company in 2007 after concerns that KBR’s results were dragging down its overall profitability. At the time, KBR was doing a lot of work for the US government in Iraq.

Mr. Bradie joined KBR as CEO in 2014 and started the process to exit the company from its high risk and low-margin Engineering & Construction business. This was completed in 2020. He also made a number of acquisitions, primarily in the MTS segment.

Shad Evans, the new CFO, joined the company in 2018 as CFO of Technology Solutions and was promoted to CFO of the STS segment in 2024. Prior to KBR, he worked at Leidos Holdings. Mr. Evans will receive a base salary of $575,000.

The company expects to complete the spin-off by mid-to-late 2026.

SEC filing – KBR Investor presentation

 

 

WaterBridge Infrastructure completes its upsized IPO

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WaterBridge Infrastructure LLC has priced its upsized initial public offering. It sold 31.7 million shares at a price of $20 per share, the high end of the range. The company expects to receive net proceeds from the offering of $588 million.

The company, based in The Galleria area of Houston, is a pure-play water infrastructure company with operations predominantly in the Delaware Basin. It has approximately 2,500 miles of pipeline and 197 produced water facilities.

Produced water rising rapidly

Water naturally exists in subsurface geological formations that contain oil and gas deposits and is produced alongside the hydrocarbons. This produced water must be separated and handled for wells to be brought online and remain in production. Between 2014 and 2024, oil production in the Delaware Basin grew by 2.9 million bpd (barrels per day). Produced water grew by 11.7 million bpd.

The produced water is processed at the water handling facilities where the mineral solids and residual oil skim are removed. Most of the water is then disposed of by underground injection. Some is recycled for use in fracking.

In June, the Texas Railroad Commission, the state’s energy regulator, issued new rules regarding the disposal of produced water. By limiting the maximum injection pressure at the surface, the Commission aims to reduce the number of leaks that contaminate ground and surface freshwater. Historically, disposal of produced water in the Permian Basin has been  concentrated in a small geographical area. The new rules will require disposal over a wider area and will likely raise costs for E&P operators in the area.

Financials

For the six months ended June 30, 2025, the company had revenues of $375 million and adjusted EBITDA of $192 million.  The business spent $155 million in capital expenditures in that period. Net debt is $1.55 billion for a debt/EBITDA ratio of over 4 times.

$228 million of the proceeds will be used to buy-out a portion of the equity head by a 3rd party investor. Before the upsizing added $89 million of additional proceeds, the company planned to repay $129 million of debt and use $104 million for general company purposes.

The financial sponsor of WaterBridge is FivePoint, a Houston-based private equity firm. They will own over 50% of the common shares. Devon Energy, the largest customer of WaterBridge, will also own 15%.

In June 2024, FivePoint took Landbridge public in an IPO. Its shares were priced at $17, they now trade at $53. Landbridge owns 277,000 surface acres in the Permian Basin and many of the produced water facilities of WaterBridge are located on land owned by LandBridge.

Conflicts of Interest

Landbridge has done very well since going public and WaterBridge operates in a market with fast-growing demand for its services. But here is where it gets sketchy. Both LandBridge and WaterBridge share the same management team as well as the same financial backer.  CEO Jason Long and CFO Scott McNeely hold those roles in both companies. Likewise for the General Counsel and Chief Administrative Officer. 6 of the 10 director nominees for WaterBridge also are directors of LandBridge.

While there are undoubtedly benefits for the two companies to work closely together, potential conflicts of interest abound. This could be exacerbated as FivePoint also owns PowerBridge, a private company formed to develop data centers, presumably on land owned by LandBridge and water supplied by WaterBridge.

You can see the complete list of Houston-area public companies here. Aris Water is still on the list. They are a water infrastructure company that has agreed to be acquired by Western Midstream for $1.5 billion.

SEC filing – S-1

 

 

 

Flowco Holdings completes successful IPO

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Flowco Holdings, based in the Galleria, has completed its Initial Public Offering. It raised $427 million, before fees, by offering 17.8 million shares at $24. That was above the initial estimated range of $21 – $23 per share. According to Renaissance Capital, it is the first sizeable energy IPO to price above the range since 2018.

Nearly all of the net proceeds of the IPO, around $400 million, will be used to pay down debt.



Flowco is a leading provider of product optimization, artificial lift and methane abatement solutions to the oil and gas industry. The business was formed in June 2024 from the merger of three businesses owned by Global Energy Capital (‘GEC’) and White Deer Energy.

The three businesses were

  • Estis – based in Kilgore – compression and artificial lift technologies – revenue in 2023 $243 million
  • Flowco Production Solutions – based in Houston – gas lift and other artificial lift solutions – revenue $229 million
  • Flogistix – based in Oklahoma City – vapor recovery and methane abatement – revenue $193 million

GEC owned Estis and Flowco Production Services, while White Deer owned Flogistix.

The combined business has 43 field locations and 8 service centers in the US.

CEO Joseph Edwards joined at the time of the merger. Prior to that, he had worked at White Deer in various capacities since 2011.

Jonathan Byers is the CFO. He joined in October 2024 and was previously the CFO at CSI Compressco LP from January 2021 until its acquisition by Kodiak Gas Services in April 2024.

The business has a complicated shareholding structure with Class A and Class B shares. However, in summary, in terms of total voting power, GEC will own 43%, White Deer 17%, management and other equity holders 20% and public shareholders 20%.

The other equity holders include Genesis Park, a prominent Houston private equity firm. They invested in the business when GEC acquired Estis in 2019.

 

https://www.businesswire.com/news/home/20250114321910/en/Flowco-Holdings-Inc.-Announces-Pricing-of-Initial-Public-Offering

 

Woodlands SPAC goes public in $300 million offering

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AA Mission Acquisition, a SPAC with its head office in The Woodlands, has completed its $300 million Initial Public Offering.



A SPAC is a Special Purpose Acquisition Company, otherwise known as a blank check company, that goes public for the purpose of acquiring a business.

All the directors and officers of AA Mission are located in or have significant ties to China (which in their S-1 filing is defined to include Taiwan). The company expects to acquire a business in the food and beverage industry, based in Asia, with an enterprise value of between $500 million and $3 billion.

CEO Qing Sun currently serves as the Chairman of Guizhou JS Investment Co. In addition, Mr. Sun is the President of the Hainan Economic Research Institute. He is also the Deputy Director of the Securities Investor Education Department of Fudan University in Shanghai. Mr. Sun has also been the Lead Securities Trader at Dianniu Priority Securities Investment since 1998.

CFO Shibin Fang has served as a CPA and auditor for Shenzen Zhongxiang Accounting Firm since 2022. He graduated from Huazhong University in 1989 and earned his CPA license in 2009.

Other than a co-working office rented from Regus and lawyers from Houston (Winston & Strawn), there’s no connection to Texas.

AA Mission Acquisition is listed on the NYSE under the symbol AAMU.

AA Mission – S-1 filing