ProFrac Holding, which provides hydraulic fracturing and completion services to upstream E&Ps in North America, announced terms for its IPO on Wednesday.
The Willow Park, TX-based company plans to raise $360 million by offering 16 million shares at a price range of $21 to $24. At the midpoint of the proposed range, ProFrac Holding would command a market cap of $3.2 billion.
ProFrac is a vertically integrated provider of hydraulic fracturing, completion services, and other complementary products and services to upstream oil and gas companies engaged in the exploration and production (E&P) of North American unconventional oil and natural gas resources. Its operations are primarily focused in the Appalachian, East Texas/Louisiana, and Permian Basins, and consist of three segments: stimulation services, manufacturing, and proppant production. The company believes it is the largest privately owned provider of hydraulic fracturing services in North America by hydraulic horsepower (HHP), with an aggregate installed capacity of over 2.3 million HHP across 45 conventional fleets, 31 of which were active as of March 23, 2022, representing approximately 1.6 million HHP.
ProFrac Holding was founded in 2016, and booked $768 million in revenue for the 12 months ended 12/31/2021. It plans to list on the Nasdaq under the symbol PFHC. J.P. Morgan, Piper Sandler, Morgan Stanley, and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of May 9, 2022.
