SB Energy Files for Nasdaq IPO, Nvidia Commits $1.5 Billion Equity Purchase

Texas energy company SB Energy filed preliminary IPO documents on September 1, saying it plans to list on Nasdaq Global Select Market and Nasdaq Texas under the ticker SBE. The company has not yet set the number of shares to be sold or the price range, according to Jiemian News. The prospectus said SoftBank Group, through affiliated entities, is expected to retain a stake after the offering and keep control of SB Energy, making it a controlled company under Nasdaq rules. Nvidia has also committed to buy $1.5 billion of SB Energy's newly issued non-voting equity securities at the IPO price, with the purchase to close alongside the offering, according to Jiemian News.