Geothermal startup Fervo Energy to raise up to $1.3B in IPO

Geothermal startup Fervo Energy said Monday it hopes to raise up to $1.3 billion in its initial public offering. 

The company would be valued at up to $6.5 billion if shares sell at the top of its $21 to $24 price target. That’s more than twice what Fervo had reportedly been seeking earlier this year when it confidentially filed paperwork with the SEC to start the IPO process.