Legence, an engineering and maintenance service provider backed by Blackstone, debuted on Nasdaq with a market valuation of $2.75 billion after shares fell 3.6% on Friday. The post-Labor Day IPO rush is expected to be one of the busiest in years, potentially the fastest since 2021. Stand-out debuts have come from venture capital-backed companies rather than private equity. Legence shares opened at $27 apiece, lower than the offer price of $28 apiece. Blackstone, which bought Legence in 2020, is taking the company public as part of efforts to bring more of its portfolio firms to market. Legence focuses on designing and installing systems for fast-growing sectors like life sciences and data centers.

Read more at Yahoo Finance: Blackstone-backed Legence valued at $2.75 billion after shares fall in debut