ERock, an energy company, announced a 32% increase in quarterly revenue as it filed for an initial public offering in the United States on Friday, taking advantage of renewed investor interest in new listings.
The IPO market is showing signs of recovery, prompting companies to gauge investor appetite after market volatility and geopolitical uncertainty weighed on new listings in March.
Based in Houston, Texas, the company reported revenue of $31.7 million for the quarter ending March 31, up from $24.1 million a year ago. It recorded a net loss of $17.2 million, compared to a loss of $15.9 million a year earlier.
ERock designs, deploys, and operates decentralized modular natural gas-powered electrical systems for data centers, utilities, and industrial customers.
The company aims to list on the New York Stock Exchange under the symbol “EROC.”
Morgan Stanley and J.P. Morgan are the joint lead managers for the offering.
