ProPetro Holding Prices IPO Of Shares For US$185.5 Million

Published: Feb 07 2017
Deal Summary

ProPetro Holding Corp., a provider of hydraulic fracturing services for the oil and gas industry, priced the initial public offering (IPO) of 13,250,000 shares, at a price of US$14 per share, for gross proceeds of US$185.5 million (MM).

The shares will be listed on the New York Stock Exchange, under the ticker symbol “PUMP.”

Goldman, Sachs & Co, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC are acting as joint book-running managers, while Evercore Group LLC, Piper Jaffray & Co., RBC Capital Markets, LLC, Raymond James & Associates, Inc., Tudor, Pickering, Holt & Co. Securities, Inc., Deutsche Bank Securities Inc., and Johnson Rice & Company L.L.C. are acting as underwriters to the company for the offering. Latham & Watkins LLP is acting as legal advisor to the company for the offering.

The company intends to use the proceeds from the offering to repay borrowings outstanding under its term loan, to fund the purchase of additional hydraulic fracturing units and for general corporate purposes.

Deal history

Pricing: On March 17, 2017, ProPetro priced IPO of 13,250,000 shares, at a price of US$14 per share, for gross proceeds of US$185.5 MM.

Update: On March 7, 2017, ProPetro Holding filed prospectus to issue 10,631,300 shares at a price between US$16 and US$19 per share, for gross proceeds between US$170.1 MM and US$202 MM, in an IPO.

Filing: On February 7, 2017, ProPetro Holding filed S-1 registration statement with the US Securities and Exchange Commission to issue shares, for gross proceeds of up to US$345 MM, in an IPO.

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