Oil and gas fracking provider ProFrac files for IPO
By Val Kennedy,
Oil and gas fracking provider ProFrac (PFHC) has filed to conduct an initial public offering.
The company said in an amended filing that it plans to list its shares on Nasdaq under the symbol PFHC. Size and pricing of the deal were not disclosed.
JP Morgan, Piper Sandler and Morgan Stanley are serving as bookrunners.
Based in Texas, ProFrac provides hydraulic fracturing services to oil and gas companies engaged in exploration and production. The company primarily operates in Texas, Louisiana, Oklahoma and in the Uinta and Appalachian mountain regions.
Earlier this month, ProFrac acquired fellow fracking provider FTS International in a deal that valued FTSI at around $408M.
The company plans to use at least part of the proceeds from the IPO to pay down debt.
For 2021, ProFrac reported a net loss of $44M on revenue of $768M. On a pro forma basis, the newly combined company of ProFrac with FTSI would have reported a net loss of $149M on revenue of $1.2B.
Source : https://seekingalpha.com/news/3819571-oil-fracking-provider-profrac-files-for-ipo-in-wake-of-ftsi-merger
The post Oil and gas fracking provider ProFrac files for IPO appeared first on Pre IPO Swap.
