Feb 11 (Reuters) - SOLV Energy's ( MWH ) shares rose 20%

in its New York debut on Wednesday, giving the solar and battery

storage firm a valuation of $5.98 ​billion, underscoring a strong

rebound in IPO ‌activity in 2026.

Shares opened at $30, above its initial public offering

price of $25 at which it ⁠sold 20.5 million shares on Tuesday to

raise $512.5 million.

Strong equity markets, ⁠helped by the U.S. Federal Reserve's

rate cuts ‌toward the end ‌of 2025, have improved pricing

conditions and encouraged more companies to pursue public

listings.

Also, a ​slowdown last year due to ‌market volatility stemming

from U.S. President Donald Trump's shifting tariffs and a

government shutdown created pent-up demand among issuers.

Later ​this week, Wall Street firm ​Clear Street ‌is set to go

public, seeking a valuation of nearly $12 billion - the biggest

this year.

SOLV Energy ( MWH ) provides construction, operation and maintenance

services ⁠for large-scale solar and battery storage projects. It

was founded ⁠in 2008.

Originally a division of Swinerton Builders, the business

was acquired in 2021 by private equity firm American Securities,

along with SOLV, which was then a separate company.

SOLV Energy ( MWH ) had a total ⁠backlog of ‌about $8 billion as of

December 2025, driven primarily ‌by engineering and construction

contracts.

"It gives us a lot of visibility into ⁠the next 24 to 36

months as we see this backlog continue to move through the

business and it gives us a lot of certainty of how the business

will perform moving forward," SOLV CEO George Hershman said in

an interview with Reuters.

Hershman said SOLV's intention was to delever ​the balance

sheet, pay off a term loan and come out of the IPO debt-free.

Jefferies and J.P. Morgan are the joint lead ​book-running

managers for the offering.