Wilks brothers-backed ProFrac valued at over $2 bln in Nasdaq debut (updated)
13/05/2022 16:50
(Adds details on IPO, background)
May 13 (Reuters) - ProFrac Holding Corp PFHC.O , an
oilfield services company backed by billionaires Dan and Farris
Wilks, was valued at $2.47 billion in its Nasdaq debut on
Friday.
Shares opened at $17.6, falling 2.2% from their initial
public offering price of $18 per share, which was already below
the targeted range of $21 to $24 per share.
Willow Park, Texas-based ProFrac raised $288 million through
an initial public offering https://www.reuters.com/markets/us/profrac-prices-ipo-below-target-range-raise-288-million-2022-05-12
on Thursday, selling 16 million shares.
The listing comes a month after shares of Excelerate Energy
EE.N , a provider of floating liquefied natural gas (LNG)
terminals owned by rival oil mogul George Kaiser, began trading
on the New York Stock Exchange. Opening at a nearly $3 billion
valuation, Excelerate's was the largest market debut in the
United States since the Russia-Ukraine war started. urn:newsml:reuters.com:*:nL3N2WB31R
Founded in 2016, ProFrac is engaged in providing hydraulic
fracturing services and its business is spread across
stimulation services, manufacturing and proppant production. Its
operations are primarily focused in Texas, Louisiana, Oklahoma,
Uinta and Appalachian regions.
J.P. Morgan, Piper Sandler, Morgan Stanley were the lead
underwriters for the offering.
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini
Ganguli)
((Sohini.Podder@thomsonreuters.com;))