Modular Power Systems Company ERock Raises $600 Million in IPO

ERock Inc. raised $600 million in a US initial public offering, pricing its shares at the midpoint of its marketed range.

The Houston-based modular power systems maker, which serves data centers and other sectors, sold 27.9 million shares for $21.50 each, according to a statement Tuesday. The company marketed its shares for $20 to $23 each.

The price gives ERock a market value of about $4.7 billion, based on the outstanding shares listed in its filings.

ERock is the latest power-equipment maker to ride the artificial-intelligence boom into public markets. The largest shareholders in gas engine maker Innio Holding GmbH ...