Solaris Oilfield Completes IPO Of Class A Shares For US$121.2 Million

Published: Mar 15 2017
Deal Summary

Solaris Oilfield Infrastructure, Inc., an oilfield service provider, completed the initial public offering (IPO) of 10.1 million (MM) Class A shares, at a price of US$12 per share, for gross proceeds of US$121.2 MM. The received net proceeds of approximately US$110.8 MM, after deducting underwriting discounts, commissions and estimated offering expenses payable. In addition, the company has granted the underwriters a 30-day option to purchase up to 1,515,000 MM shares.

The listed its shares on the New York Stock Exchange under the ticker symbol “SOI”.

Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC., Evercore Group L.L.C., Piper Jaffray & Co., Tudor, Pickering, Holt & Co. Securities, Inc., Wells Fargo Securities, LLC, Raymond James & Associates, Inc., Oppenheimer & Co. Inc., Seaport Global Securities LLC, and Wunderlich Securities, Inc. acted as underwriters, while Vinson & Elkins L.L.P. acted as legal advisor to the company for the offering.

The company intends to use the net proceeds from the IPO to repay its credit facilities and for general corporate purposes, including capital expenditures.

Deal history

Completed: On May 17, 2017, Solaris Oilfield completed the IPO of 10.1 MM Class A shares, at a price of US$12 per share, for gross proceeds of US$121.2 MM.

Pricing: On May 12, 2017, Solaris Oilfield priced the IPO of 10.1 MM Class A shares, at a price of US$12 per share, for gross proceeds of US$121.2 MM.

Update 2: On May 2, 2017, Solaris Oilfield launched the IPO of 10.6 MM Class A shares, at a price between US$15 and US$18 per share, for gross proceeds between US$159 MM and US$190.8 MM.

Update 1: On April 6, 2017, Solaris Oilfield added nine more underwriters for the IPO.

Announced/ Filing: March 15, 2017, Solaris Oilfield filed the preliminary prospectus with the US Securities and Exchange Commission to issue Class A shares in an IPO for up to US$100 MM.

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