Liberty Oilfield Services, which provides hydraulic fracturing services for the oil and gas industry, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Denver, CO-based company now plans to raise $250 million by offering 20 million shares (3% insider) at a price range of $12 to $13. The company had previously filed to offer 22.9 million shares at a range of $16 to $19. At the midpoint of the revised range, Liberty Oilfield Services will raise -38% less in proceeds than previously anticipated.
Liberty Oilfield Services was founded in 2011 and booked $375 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol BDFC. Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Citi, J.P. Morgan and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of May 1, 2017.
