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At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Equity Capital Markets

Fervo Energy Company / Equity Capital Markets

<ul><li>Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday, highlighting the continued importance of deal quality, institutional demand, and market positioning in the current IPO environment.</li><li>Fervo Energy emerged as the clear standout of the session after pricing its heavily anticipated IPO above the marketed range at $27.00 per share, versus initial terms of $24.00 to $26.00.</li><li>Demand for the geothermal infrastructure and energy technology company was exceptionally strong heading into pricing, with institutional enthusiasm building around the broader power and AI infrastructure theme that continues to dominate investor attention.</li></ul>

Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday, highlighting the continued importance of deal quality, institutional demand, and market positioning in the current IPO environment.Fervo Energy emerged as the clear standout of the session after pricing its heavily anticipated IPO above the marketed range at $27.00 per share, versus initial terms of $24.00 to $26.00.Demand for the geothermal infrastructure and energy technology company was exceptionally strong heading into pricing, with institutional enthusiasm building around the broader power and AI infrastructure theme that continues to dominate investor attention.

IPO End of Day — May 13, 2026: Diverging Demand Profiles as FRVO Rallies and GMRS Lags

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>Fervo Energy delivered a strong IPO debut, surging 33.3% at the open following heavily oversubscribed demand.</li>
<li>Investors continue gravitating toward power infrastructure names tied to AI-driven electricity demand and reliable 24/7 clean energy generation.</li>
<li>Institutional appetite remained robust despite multiple upsizes, with strong participation from long-only and energy-focused investors throughout the bookbuild process.</li>
</ul>


Fervo Energy delivered a strong IPO debut, surging 33.3% at the open following heavily oversubscribed demand.
Investors continue gravitating toward power infrastructure names tied to AI-driven electricity demand and reliable 24/7 clean energy generation.
Institutional appetite remained robust despite multiple upsizes, with strong participation from long-only and energy-focused investors throughout the bookbuild process.


Fervo Energy Company (FRVO): IPO Powers Higher as AI Electricity Theme Gains Momentum

<ul>
<li>Fervo Energy’s IPO demand has accelerated materially, prompting both an upsized offering and increased pricing range amid reports of multiple-times oversubscription.</li>
<li>The company is positioning geothermal as a scalable 24/7 clean energy solution for AI data centers, electrification, and industrial reshoring demand growth.</li>
<li>Strategic relationships with Google and major institutional investors provide validation for Fervo’s long-term geothermal infrastructure platform.</li>
</ul>


Fervo Energy’s IPO demand has accelerated materially, prompting both an upsized offering and increased pricing range amid reports of multiple-times oversubscription.
The company is positioning geothermal as a scalable 24/7 clean energy solution for AI data centers, electrification, and industrial reshoring demand growth.
Strategic relationships with Google and major institutional investors provide validation for Fervo’s long-term geothermal infrastructure platform.


Fervo Energy Company (FRVO): IPO Upsized Ahead of Pricing Amid Demand for AI Infrastructure Plays

<ul><li>✅ IPO PROPHET RATING: 8.24/10 🏦 Deal Quality &amp; Underwriters: 9/10 Fervo Energy is coming to market on Nasdaq under the ticker FRVO, offering approximately 55.56 million shares at $21 to $24, targeting roughly $1.25 billion in proceeds.</li><li>The company is focused on enhanced geothermal systems and scalable baseload renewable power generation, positioning itself directly within the center of the global energy infrastructure and electrification theme.</li><li>The deal is being led by J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays, creating a high-quality institutional underwriting group with deep reach across infrastructure, ESG, utility, industrial, and sovereign capital pools.</li></ul>

✅ IPO PROPHET RATING: 8.24/10 🏦 Deal Quality &amp; Underwriters: 9/10 Fervo Energy is coming to market on Nasdaq under the ticker FRVO, offering approximately 55.56 million shares at $21 to $24, targeting roughly $1.25 billion in proceeds.The company is focused on enhanced geothermal systems and scalable baseload renewable power generation, positioning itself directly within the center of the global energy infrastructure and electrification theme.The deal is being led by J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays, creating a high-quality institutional underwriting group with deep reach across infrastructure, ESG, utility, industrial, and sovereign capital pools.

<ul>
<li>Fervo Energy Company has filed for an initial public offering of 55.56 million shares of Class A common stock at a proposed price range of $21.00 to $24.00 per share, targeting a deal size of approximately $1.25 billion at the midpoint of the range.</li>
<li>The company has applied to list on the NASDAQ under the ticker symbol “FRVO.” J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays are leading the offering alongside a broad syndicate of underwriters.</li>
<li>At the midpoint pricing, Fervo would command an estimated post-offering market capitalization of roughly $6 billion, positioning it among the largest clean energy IPOs in recent years.</li>
</ul>


Fervo Energy Company has filed for an initial public offering of 55.56 million shares of Class A common stock at a proposed price range of $21.00 to $24.00 per share, targeting a deal size of approximately $1.25 billion at the midpoint of the range.
The company has applied to list on the NASDAQ under the ticker symbol “FRVO.” J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays are leading the offering alongside a broad syndicate of underwriters.
At the midpoint pricing, Fervo would command an estimated post-offering market capitalization of roughly $6 billion, positioning it among the largest clean energy IPOs in recent years.


Fervo Energy (FRVO) Sets Terms for Blockbuster IPO as Enhanced Geothermal Pioneer Scales Next-Generation Baseload Power

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Fervo Energy Company (FRVO US)

IPO End of Day — May 13, 2026: Diverging Demand Profiles as FRVO Rallies and GMRS Lags

Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday,...

IPO Prophet

Fervo Energy Company (FRVO): IPO Powers Higher as AI Electricity Theme Gains Momentum

Fervo Energy's successful IPO debut reflects investor interest in power infrastructure tied to AI-driven electricity demand and clean energy...

IPO Boutique

Fervo Energy Company (FRVO): IPO Upsized Ahead of Pricing Amid Demand for AI Infrastructure Plays

Fervo Energy's IPO demand surges, upsizing offering and pricing range as geothermal touted as scalable clean energy solution for various industries.

IPO Boutique

IPO Rating: Fervo Energy Co.

✅ IPO PROPHET RATING: 8.24/10 🏦 Deal Quality & Underwriters: 9/10 Fervo Energy is coming to market on Nasdaq under the ticker FRVO, offering...

IPO Prophet

Fervo Energy (FRVO) Sets Terms for Blockbuster IPO as Enhanced Geothermal Pioneer Scales Next-Generation Baseload Power

Fervo Energy Company has filed for an initial public offering of 55.56 million shares of Class A common stock at a proposed price range of $21.00...

IPO Prophet

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IPO End of Day — May 13, 2026: Diverging Demand Profiles as FRVO Rallies and GMRS Lags

Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday,...

IPO Prophet

Fervo Energy Company (FRVO): IPO Powers Higher as AI Electricity Theme Gains Momentum

​Fervo Energy's successful IPO debut reflects investor interest in power infrastructure tied to AI-driven electricity demand and clean energy...

IPO Boutique

Fervo Energy Company (FRVO): IPO Upsized Ahead of Pricing Amid Demand for AI Infrastructure Plays

​Fervo Energy's IPO demand surges, upsizing offering and pricing range as geothermal touted as scalable clean energy solution for various industries.

IPO Boutique

IPO Rating: Fervo Energy Co.

✅ IPO PROPHET RATING: 8.24/10 🏦 Deal Quality & Underwriters: 9/10 Fervo Energy is coming to market on Nasdaq under the ticker FRVO, offering...

IPO Prophet

Fervo Energy (FRVO) Sets Terms for Blockbuster IPO as Enhanced Geothermal Pioneer Scales Next-Generation Baseload Power

Fervo Energy Company has filed for an initial public offering of 55.56 million shares of Class A common stock at a proposed price range of $21.00...

IPO Prophet

Fervo Energy's successful IPO debut reflects investor interest in power infrastructure tied to AI-driven electricity demand and clean energy...

Fervo Energy's IPO demand surges, upsizing offering and pricing range as geothermal touted as scalable clean energy solution for various industries.