Platinum Energy Solutions, a provider of oil and natural gas well stimulation services specifically through hydraulic fracturing, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering. Platinum Energy provides high-pressure hydraulic pumps to oil exploration and production companies on a contractual basis with the goal of helping these client companies maximize overall output from their respective wells. The company currently has two operating fleets available for service and a third fleet currently on order. The Houston, TX-based company booked $5 million in revenues during the year 2010 and plans to list on the New York Stock Exchange under the symbol FRAC. Morgan Stanley and J.P. Morgan are the lead underwriters on the deal. No pricing terms were disclosed.
Platinum Energy follows fellow hydraulic fracturing company FTS International (FTSI) who filed to go public three weeks ago.
