Energy tech firm Lummus confidentially files for US IPO amid Trump's domestic push

Energy solutions company Lummus Technology said on Monday it has confidentially filed for an initial public offering in the United States amid President Donald Trump's broader strategy to enhance domestic energy production.

U.S. IPO market activity, which began the year sluggishly, is showing signs of a steady rebound after recent new listings attracted strong investor demand.

During his presidential campaign, Trump promised to increase U.S. energy production, and his recent signing of the "Big Beautiful Bill" further reinforced the ongoing dominance of oil and gas in the country's energy mix.

"Given the outsized gains posted by recent energy listings amid surging AI-driven power demand and tailwinds from Trump’s 'Unleash American Energy' agenda, the timing to go public seems right for Lummus," said Lukas Muehlbauer, IPOX research associate.

Oilfield services provider Flowco FLOC and Infinity Natural Resources INR, which went public in January, drew a warm reception from investors on debut.

Muehlbauer said American energy firms are increasingly "shielded from Middle East-focused geopolitical risks" as the current administration moves to ramp up domestic production.

In 2020, The Chatterjee Group's unit and Rhone Capital acquired Lummus Technology from McDermott International at a $2.73 billion valuation.

Black Rock Coffee Bar and crypto custody startup BitGo, among others, confidentially filed for a U.S. IPO in July, joining a growing number of companies aiming to tap into strong market momentum.

Confidential filings let companies share private info with regulators and test investor interest before formal launch.

Founded in Houston, Texas, in 1907, Lummus Technology offers process technologies, lifecycle services and digitalization tools to petrochemicals, refining, gas processing and sustainable energy industries.

"Lummus offers investors an alternative to capital-intensive energy operators by positioning itself as a technology licensor and services provider with high-margin revenue through recurring royalties and lifecycle support rather than owning heavy assets," said Muehlbauer.

The terms of the offering were not disclosed.