Platinum Energy Solutions, a provider of oil and natural gas well stimulation through hydraulic fracturing, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $140 million by offering 14 million shares at a price range of $9.00 to $11.00. At the mid-point of the proposed range, Platinum Energy Solutions will command a market value of $325 million. Platinum Energy Solutions, which was founded in 2011, plans to list on the NYSE under the symbol FRAC. Morgan Stanley, J.P. Morgan, Citi and FBR Capital Markets are the lead underwriters on the deal. Pricing is scheduled for the week of January 30th.
Two other energy companies involved in hydraulic fracturing, U.S. Silica (SLCA) and Matador Resources Company (MTDR), set terms last week and also plan to price the week of January 30th.
