Bill Gates-Backed Fervo Energy Boosts IPO Target to $1.8 Billion

Fervo Energy Co., a geothermal energy developer, is seeking to raise as much as $1.82 billion in a US initial public offering, raising its target from $1.33 billion.

The Houston-based firm plans to market 70 million shares for $25 to $26 each, up from a previous target of 55.56 million shares at $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 $7.4 billion based on the outstanding shares listed in its filing.