Company: LGN
Filing Date: 2025-09-02
Form Type: S-1/A
Source: 0001193125-25-193346
Chunk: 103

Company: Legence Corp.
Filing Date: 2025-09-02
Form: S-1/A
Chunk 103
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holders’ equity and total capitalization by approximately $25.5 million, 
 after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.                               |

| (2) | As adjusted amount (i) includes an incremental approximately $17.2 million of proceeds that represent the                                                                                                                                   
 amount of advisor-related offering expenses paid prior to June 30, 2025; and (ii) does not reflect the write-off of $5 million of unamortized debt issuance costs. See “Unaudited Pro Forma Consolidated Financial Information—Notes to the 
 Unaudited Pro Forma Condensed Consolidated Financial Information—2. Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheet.”                                                                                                     |

| (3) | As of August 22, 2025, we had $5.2 million of borrowings outstanding under the Revolving Credit 
 Facility.                                                                                       |

68

DILUTION Purchasers of our Class A Common Stock in this offering will experience immediate and substantial dilution in the net tangible book deficit per share of the Class A Common Stock for accounting purposes. Our net tangible book deficit as of June 30, 2025, after giving effect to the transactions described under “Corporate Reorganization,” was $(1.3) billion, or $(16.68) per share. Pro forma net tangible book deficit per share is determined by dividing our pro forma tangible net worth (tangible assets less total liabilities) by the total number of outstanding shares of Class A Common Stock that will be outstanding immediately prior to the closing of this offering after giving effect to the Corporate Reorganization (assuming that 100% of our LGN Units have been exchanged for Class A Common Stock and the cancellation of the corresponding shares of Class B Common Stock pursuant to the Legence Holdings LLC Agreement). Assuming an initial public offering price of $27.00 per share (the midpoint of the estimated offering price range set forth on the cover page of this prospectus), after giving effect to the receipt of the estimated net proceeds (after deducting estimated underwriting discounts and commissions and estimated offering expenses), our adjusted pro forma net tangible book deficit as of June 30, 2025 would have been approximately $(642.6) million, or $(6.32) per share. This represents an immediate decrease in the net tangible book deficit of $10.36 per share to our existing stockholders and an immediate dilution (i.e., the difference between the offering price and the adjusted