US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/legence-corp">Legence</a> is a pure-play provider of engineering, installation, and maintenance services for mission-critical building systems, strategically positioned to capitalize on secular tailwinds in data center construction, energy efficiency upgrades, and sustainability trends.</li>
  <li>The company has demonstrated robust revenue growth, driven by strong demand in high-growth sectors such as technology, life sciences, and healthcare. A significant and growing backlog provides strong visibility into future revenue streams.</li>
  <li>While the company is currently unprofitable on a GAAP basis, its focus on expanding its higher-margin service offerings and achieving operational efficiencies presents a pathway to future profitability. Key risks include the cyclicality of the construction industry and the successful integration of acquisitions.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Legence is a pure-play provider of engineering, installation, and maintenance services for mission-critical building systems, strategically positioned to capitalize on secular tailwinds in data center construction, energy efficiency upgrades, and sustainability trends.
  The company has demonstrated robust revenue growth, driven by strong demand in high-growth sectors such as technology, life sciences, and healthcare. A significant and growing backlog provides strong visibility into future revenue streams.
  While the company is currently unprofitable on a GAAP basis, its focus on expanding its higher-margin service offerings and achieving operational efficiencies presents a pathway to future profitability. Key risks include the cyclicality of the construction industry and the successful integration of acquisitions.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a> went public on 12 September 2025 on Nasdaq and has a current market cap of more than $4bn.</li>
<li>Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria.</li>
<li>Inclusion in Global indices is expected in February 2026 and March 2026, with potential exclusion from one index due to insufficient float cap.</li>
</ul>



Legence (LGN US) went public on 12 September 2025 on Nasdaq and has a current market cap of more than $4bn.
Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria.
Inclusion in Global indices is expected in February 2026 and March 2026, with potential exclusion from one index due to insufficient float cap.


Legence (LGN US): Post-IPO Index Inclusion; US in 2025 & Global in 2026

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

Equity Capital Markets

<ul>
<li>Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.</li>
<li>Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.</li>
<li>This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.</li>
</ul>


Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.


Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

<ul>
<li>The wide $25-$29 range allows for valuation discussion amongst investors and the company. </li>
<li>From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. </li>
<li>We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.</li>
</ul>


The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.


Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

United States

Legence Corp. operates as a mechanical contractor. The Company provides designing, fabricating, engineering, installation, and maintenance services of heating, ventilation and air conditioning, process piping and other mechanical, electrical, and plumbing systems for new facilities and upgrading HVAC, lighting, and building controls. Legence serves customers in the United States.

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Legence (LGN US)

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Primer: Legence (LGN US) - Apr 2026

Legence is a pure-play provider of engineering, installation, and maintenance services for mission-critical building systems, strategically...

αSK Primers

Legence (LGN US): Post-IPO Index Inclusion; US in 2025 & Global in 2026

Legence went public in September 2025, has now a market cap exceeding $4bn, and is positioned for inclusion in US indices in 2025 and Global...

Dimitris Ioannidis

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

Legence's IPO saw strong institutional support as shares quickly rebounded above issue price, indicating strong buying interest.

IPO Boutique

Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Primer: Legence (LGN US) - Apr 2026

Legence is a pure-play provider of engineering, installation, and maintenance services for mission-critical building systems, strategically...

αSK Primers

Legence (LGN US): Post-IPO Index Inclusion; US in 2025 & Global in 2026

Legence went public in September 2025, has now a market cap exceeding $4bn, and is positioned for inclusion in US indices in 2025 and Global...

Dimitris Ioannidis

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

​Legence's IPO saw strong institutional support as shares quickly rebounded above issue price, indicating strong buying interest.

IPO Boutique

Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

​Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

IPO Boutique

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Legence's IPO saw strong institutional support as shares quickly rebounded above issue price, indicating strong buying interest.

Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...