SB Energy announced an initial public offering of common stock, according to an SEC filing.
SB Energy applied to list its common stock on Nasdaq and Nasdaq Texas under the symbol SBE, the filing said.
SoftBank Group is expected to own a significant stake and voting power after the offering, according to the filing.
Nvidia is to purchase $1.50 billion of SB Energy non-voting equity securities in a private placement, the filing said.
SB Energy said it has approximately $439 billion of backlog.
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, Citigroup, Mizuho, BNP Paribas, BTIG and Jefferies are among the underwriters to the IPO, according to the filing.
Daiwa Capital Markets America Inc., Newmark Securities, Raymond James and Rosenblatt are also among the underwriters, the filing said.
In connection with the offering, SB Energy will enter into a shareholders’ agreement with SoftBank and OpenAI.
Nvidia Corporation is a principal shareholder in the company, the filing said.
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