Frac sand for sale: Smart Sand Partners LP files for a $100 million IPO

Smart Sand Partners LP, an MLP formed by Clearlake Capital to own frac sand production assets in Wisconsin, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.

Frac IPOs
Smart Sand Partners LP initially filed confidentially on August 29, 2014, just one week after close competitor Fairmount Santrol (FMSA) filed publicly. Fairmount priced below the range and raised $400 million in early October, but trades 21% below, including an 8% loss today. The frac sand MLP IPOs of 2012 and 2013, Hi-Crush Partners LP (HCLP) and Emerge Energy Services (EMES), reached all-time highs on August 29. Since then, Emerge has fallen 46% (but still trades 350% above its IPO price) and Hi-Crush is down 36% (+160% from IPO).

The The Woodlands, TX-based company, which was founded in 2014 and booked $52 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol SSLP.  Goldman Sachs and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.