Fervo Energy raised about $1.89 billion in an upsized U.S. initial public offering, and its shares rose roughly 35% in their trading debut, closing Wednesday at $36.54 against a $27 IPO price. The Houston-based geothermal developer priced above a raised marketed range of $25 to $26. Trading gave it a market value of about $10.4 billion based on outstanding shares listed in its filings. Fervo uses horizontal drilling and other oil-and-gas techniques to produce power from the earth’s heat, a st...

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