Blackstone-backed Legence valued at $2.75 billion after shares fall in debut

(Reuters) - Shares of Legence fell 3.6% in their Nasdaq debut on Friday, giving the Blackstone-backed engineering and maintenance services provider a valuation of $2.75 billion.

The San Jose, California-based firm's shares opened at $27 apiece, compared with the offer price of $28 apiece.

The post-Labor Day IPO rush is shaping up to be one of the busiest in years, with analysts saying the momentum could be the fastest since the 2021 boom.

Swedish fintech Klarna became the first major test of that momentum on Wednesday. Its shares closed 15% higher on debut day after the company priced its IPO above its marketed range.

Legence raised $728 million in its IPO by selling 26 million shares within the marketed range of $25 and $29 apiece.