ProFrac stumbles after below target IPO
13/05/2022 16:39
** Oilfield services firm ProFrac Holding Corp PFHC.O
drops in tepid debut on Fri
** PFHC opens at $17.60 vs $18 IPO price. Stock last down
0.78% at $17.86
** Co sold 16 mln shares well below $21-$24 marketed range
for $288 mln raise urn:newsml:reuters.com:*:nL3N2X44Y5
** About an hour before closing bell on Weds, members of
founding Wilks family disclosed in amended SEC filing https://www.sec.gov/Archives/edgar/data/1881487/000119312522147392/d897680ds1a.htm
they would buy up to $117 mln of IPO shares
** PFHC to use net proceeds to help fund ~$408 mln purchase
of fracking-services co FTS International, which went bankrupt
in 2020
** JP Morgan, Piper Sandler and Morgan Stanley leading
8-firm underwriting group for the IPO
** New listings are down sharply this year as heightened
volatility and poor aftermarket performance has forced many
prospective issuers to the sidelines urn:newsml:reuters.com:*:nL2N2X21M2 urn:newsml:reuters.com:*:nL2N2VW1WU
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))