Flowco Holdings, which provides equipment and services that optimize the production of oil and gas wells, raised $427 million by offering 17.8 million shares at $24, above the range of $21 to $23.
Flowco is the first sizable listing of 2025. It is also the largest energy listing by deal size since May 2019 (Rattler Midstream; $665mm); however, that title should be short-lived, with LNG producer Venture Global (VG) expected to raise $2.2 billion in its IPO next week. Flowco is also the first sizable energy IPO to price above the range since 2018, with the previous six deals all pricing below the midpoint. The breakout performance from June 2024 IPO Landbridge (LB) stands out as a notable winner in the space.
The company was formed last year through the merger of Flowco Production Solutions, Estis Compression, and Flogistix. It calls itself a leading provider of production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry. Its products and services allow energy producers to maximize the profitability and lifespan of active wells. Its core products include high pressure gas lift, conventional gas lift, plunger lift, and vapor recovery unit solutions, overlaid by its proprietary digital systems. Its products and services seek to optimize production and counteract the natural decline in production rates that wells experience over time.
Flowco Holdings plans to list on the NYSE under the symbol FLOC. J.P. Morgan, Jefferies, Piper Sandler, Evercore ISI, BMO Capital Markets, Pareto Securities, and TPH&Co. acted as joint bookrunners on the deal.