MWH SOLV Energy, Inc.
Price Chart
Executive Summary
The SEC declared effective SOLV Energy's S-1 registration statement (File No. 333-296238) on May 28, 2026, clearing the way for the company's initial public offering of up to 20,500,000 shares of Class A common stock. The IPO is expected to price imminently, with the company having reported strong 2025 financials including $2.49B revenue (+35% YoY) and $149.7M net income. The effectiveness removes the final regulatory hurdle before trading begins under ticker MWH on Nasdaq.
Actionable Insight
IPO is now cleared to price and begin trading, likely within 1-2 business days. The strong revenue growth, profitability, and $8.2B backlog provide a solid fundamental backdrop. Watch for the final IPO pricing and first-day trading performance. The 14M share secondary component (7.2M from selling stockholders) creates some overhang but is typical for an IPO with insider monetization.
Key Facts
- EFFECT notice for File No. 333-296238, effectiveness date May 28, 2026
- Registration covers IPO of 20,500,000 shares of Class A common stock (plus 3,075,000 over-allotment)
- Offering includes 6,814,819 shares from the company and 7,185,181 from selling stockholders
- Estimated IPO price range: $22.00-$25.00 per share (from S-1/A filed Jan 30, 2026)
- Company reported FY2025 revenue of $2.49B (+35% YoY), net income $149.7M, Adjusted EBITDA $341.7M
- Backlog of $8.2B as of most recent filing
- Net proceeds to company (~$253M at midpoint) to purchase LLC Interests from continuing equity owners
- Post-IPO, continuing equity owners will control ~89.7% of voting power
- Listing on Nasdaq under symbol MWH
Financial Impact
IPO size of 20.5M shares at $22-$25 midpoint implies ~$483M total offering, with ~$253M net proceeds to the company
Risk Factors
- Internal control weaknesses disclosed in S-1
- Accelerated solar tax credit sunset under OBBBA could impact future revenue
- Customer concentration risk
- Continuing equity owners retain ~89.7% voting control post-IPO
- Secondary offering component (7.2M shares from selling stockholders) may pressure stock post-lockup
Market Snapshot
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-001799 |
| Document: 9999999995-26-001799-index.html | 9999999995-26-001799 |
| Document: 9999999995-26-001799.txt | 9999999995-26-001799 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 4, 2026
8d ago
|
Press Release
| $35.05 awaiting T+5 | awaiting T+5 | — | $31.75 (+9.42%) |
|
May 29, 2026
14d ago
|
424B4
| $34.63 $32.81 | ▲ +5.26% | ▲ +2.51% | $31.75 (+8.32%) |
|
May 29, 2026
15d ago
|
EFFECT
| $35.53 $32.81 | ▼ −7.66% | ▼ −5.13% | $31.75 (−10.64%) |
|
May 29, 2026
15d ago
|
Press Release
| $35.53 $32.81 | ▲ +7.66% | ▲ +5.13% | $31.75 (+10.64%) |
|
May 26, 2026
17d ago
|
Press Release
| $38.11 $36.46 | ▲ +4.33% | ▲ +5.54% | $31.75 (+16.69%) |
|
May 26, 2026
17d ago
|
S-1
| $38.11 $36.46 | ▼ −4.33% | ▼ −5.54% | $31.75 (−16.69%) |
|
May 12, 2026
4w ago
|
8-K
| $45.84 $40.42 | ▼ −11.82% | ▼ −11.90% | $31.75 (−30.74%) |
|
May 12, 2026
4w ago
|
Press Release
| $45.84 $40.42 | ▼ −11.82% | ▼ −11.90% | $31.75 (−30.74%) |
|
May 4, 2026
5w ago
|
Press Release
| $42.51 $44.83 | ▲ +5.46% | ▲ +2.52% | $31.75 (−25.31%) |
|
Mar 19, 2026
12w ago
|
8-K
| $28.50 $27.81 | ▼ −2.42% | ▼ −0.21% | $31.75 (+11.40%) |
US Market Status
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