Renaissance Capital logo

Fracking services provider ProFrac prices IPO well below the range at $18

May 13, 2022

ProFrac Holding, which provides hydraulic fracturing and completion services to upstream E&Ps in North America, raised $288 million by offering 16 million shares at $18, well below the range of $21 to $24. The founding Wilks family had indicated on $117 million worth of shares in the offering (41% of the deal).

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 plans to list on the Nasdaq under the symbol PFHC. J.P. Morgan, Piper Sandler, Morgan Stanley, and BofA Securities acted as joint bookrunners on the deal.