Select Energy Services, which provides water services for hydraulic fracturing, announced terms for its IPO on Wednesday.
The Gainesville, TX-based company plans to raise $175 million by offering 10.6 million shares at a price range of $15 to $18. At the midpoint of the proposed range, Select Energy Services would command a market value of $1.1 billion and an enterprise value of $1.0 billion.
Select Energy Services was founded in 2007 and booked $302 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol WTTR. Credit Suisse, FBR Capital Markets, Wells Fargo Securities, BofA Merrill Lynch, Citi and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of April 17, 2017.
