Geothermal Developer Fervo Seeks $1.33 Billion in US IPO

Fervo Energy Co., a geothermal energy developer, is looking to raise as much as $1.33 billion in a US initial public offering, as more firms seek to capitalize on the growing power demand for data centers.

The Houston-based firm plans to market 55.56 million shares for $21 to $24 each, according to a filing with the US Securities and Exchange Commission Monday. At the top of that range, Fervo would have a market value of $6.5 billion based on the outstanding shares listed in its filing.