Smart Sand, which produces sand used in hydraulic fracturing, announced terms for its IPO on Tuesday.
The The Woodlands, TX-based company plans to raise $175 million by offering 10.6 million shares (14% insider) at a price range of $15 to $18. At the midpoint of the proposed range, Smart Sand would command a fully diluted market value of $588 million.
Smart Sand was founded in 2011 and booked $43 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol SND. Credit Suisse, Goldman Sachs, Jefferies, Simmons & Co. (Piper), Tudor Pickering Holt and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of October 31, 2016.
