ProPetro Holding Completes 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, completed the initial public offering (IPO) of 13.25 million (MM) shares, at a price of US$14 per share, for gross proceeds of US$185.5 MM.

The shares were 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 acted 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. acted as underwriters to the company for the offering. Latham & Watkins LLP acted 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

Completed: On March 22, 2017, ProPetro Holding completed IPO of 13.25 MM shares, at a price of US$14 per share, for gross proceeds of US$185.5 MM.

Pricing: On March 17, 2017, ProPetro Holding priced IPO of 13.25 MM 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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