Atlas Energy Solutions, which mines in-basin Permian frac sand for the oil and gas industry, raised $324 million by offering 18 million shares at $18, below the range of $20 to $23.
Atlas Energy Solutions claims to be a leading provider of proppant and logistics services to the oil and natural gas industry within the Permian Basin. It currently controls over 14,500 acres on two giant open dunes of the Winkler Sand Trend. As of 12/31/22, the company had a total annual production capacity of 10 million tons. In addition to its mining operations, Atlas plans to construct The Dune Express, which will serve as the first application of conveyor infrastructure to long-haul proppant.
Atlas Energy Solutions plans to list on the NYSE under the symbol AESI. Goldman Sachs, BofA Securities, Piper Sandler, RBC Capital Markets, Barclays, and Citi acted as joint bookrunners on the deal.
