New York, Feb 11, 2026, 18:20 EST — After-hours
- SOLV Energy’s Class A stock ended the day at $30.67, marking a 22.7% jump from its $25 IPO price.
- Solv Energy set its IPO price at $25 per share on 20.5 million shares, eyeing about $512.5 million in gross proceeds.
- The IPO wraps up Feb. 12. Shares are set to hit Nasdaq, trading under the ticker “MWH.” markets.businessinsider.com
SOLV Energy wrapped up its Nasdaq debut on Wednesday with shares climbing 22.7% to close at $30.67. The solar and battery-storage specialist now trades on the Global Select Market under the ticker “MWH.” Bloomberg.com
The IPO offers investors a new signal on risk tolerance, coming as the market finds its footing following the U.S. Federal Reserve’s late-2025 rate cuts and after a sluggish 2025 marked by tariff fluctuations and a government shutdown, according to Reuters. Chief Executive George Hershman told Reuters the company can see “a lot of visibility into the next 24 to 36 months” and plans to use the proceeds to pay down a term loan, aiming to clear all debt from the balance sheet. Reuters
SOLV priced its IPO at the top end, selling 20.5 million shares at $25 each and pulling in $512.5 million, according to Reuters. That puts the company’s valuation near $5 billion at the offer price. As of December 2025, SOLV reported about $8 billion in backlog—work under contract but not yet recognized as revenue. It now lines up with other renewable-infrastructure players, including First Solar, Quanta Services, and MasTec. Roughly a dozen companies have raised $5 billion through IPOs so far this year, but following last week’s sharp pullback in U.S. software and data-services stocks, investors have started to pick their deals more carefully, Reuters noted.
Shares started the session at $30, fluctuating between $29 and $31 over the course of regular hours, Yahoo Finance data show.
The company’s IPO filing notes that underwriters have a 30-day overallotment option, the so-called “greenshoe,” allowing banks to pick up as many as 3.075 million additional shares if needed to steady trading. The deal is expected to close Feb. 12, with Jefferies and J.P. Morgan taking the lead. SOLV has put up more than 500 power plants since 2008, totaling 20 gigawatts of capacity, and says it currently provides operations and maintenance on 146 plants, covering over 18 gigawatts. GlobeNewswire
The book ended up over 10 times covered, IFR said, with about 70% of the shares going to just 25 institutions. Such tight allocations can fuel bigger moves as more shares hit the market.
Still, that initial surge isn’t enough to dispel the policy and execution worries dogging solar contractors. Barron’s flagged obstacles: solar tax credits could disappear, and permitting has bogged down during President Donald Trump’s administration. Both issues threaten to stall projects, extending timelines for contractors who depend on fresh starts.
Trading in the opening week often looks chaotic for fresh listings—particularly when big allocations end up with long-only funds that mostly sit tight post-IPO. Should momentum cool off, the stock sometimes slips toward its offer price, even in the absence of fresh headlines from the company.
Eyes are on Thursday, when the IPO is slated to close. After that, attention will shift to how the stock moves as the syndicate exits stabilisation. What’s next? Investors will be watching for the company’s initial post-IPO filings and any word on its debt reduction plans.
