The Missouri-based gas turbine operator could become one of the largest energy IPOs in recent memory, with Morgan Stanley and JPMorgan steering the process.
A company most people have never heard of wants to go public at a valuation that would rival some of the biggest names in energy. ProEnergy, a Sedalia, Missouri-based firm that builds and operates gas turbines, is targeting a valuation of up to $50 billion in a US initial public offering, according to Bloomberg.
The deal taking shape
The IPO process is being led by Morgan Stanley and JPMorgan Chase. The valuation range under discussion sits between $40 billion and $50 billion.
Energy Capital Partners, the infrastructure-focused private equity firm established in 2005, acquired a majority stake in ProEnergy in September 2024. ECP picked up that stake from affiliates of Eos Partners and ACON Investments. ECP, which is part of Bridgepoint Group, has built its investment thesis around energy transition infrastructure.
The plans remain preliminary, and neither ProEnergy nor ECP has publicly commented on the IPO timeline. Bloomberg also noted that a sale of the company remains a possible alternative to going public.
What ProEnergy actually does
ProEnergy specializes in aeroderivative gas turbines, which are essentially jet engines adapted to generate electricity. These turbines can start up and reach full power in minutes rather than hours.
The company constructs and tests turbines, including its PE6000 model, and operates a fleet of 2.4 GW of contracted peaking power plants in Texas. Beyond its Texas fleet, ProEnergy runs a global turbine repair and maintenance business, including services for fleets such as the GE LM6000 and LM2500.
