This year's four energy IPOs already match 2016's total, making it the most active sector YTD.
That trend should continue. Three large hydraulic fracturing companies joined the US IPO pipeline in the past week. The largest, FTS International (FTSI), has an estimated deal size of $1 billion, and ProPetro (PUMP) and Liberty Oilfield Services (BDFC) could raise over $300 million. Each is a JOBS Act filer, eligible to price in early March. Fellow fracking company Keane Group (FRAC) is up 9% from its January IPO, while oilfield services provider Mammoth Energy (TUSK) and frac sand provider Smart Sand (SND) have gained 33% and 70% from their 4Q16 IPOs, respectively.
| Three Hydraulic Frackers File, following Keane Group's IPO | |||
| Issuer Business |
LTM Sales ($m) |
Deal Size ($m) |
Top 2 Bookrunners |
| Keane Group (FRAC); +8.6% from IPO Houston, TX |
$324 |
$508 |
Citi Morgan Stanley |
| FTS International (FTSI) Fort Worth, TX |
$577 |
$1,000† | Credit Suisse Morgan Stanley |
| ProPetro Holding (PUMP) Midland, TX |
$405 |
$345 | Goldman Sachs Barclays |
| Liberty Oilfield Services (BDFC) Denver, CO |
$321 |
$300† | Morgan Stanley Goldman Sachs |
| †Deal Size is RC estimate. |
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