Keane Group, which provides well completion services for the hydraulic fracturing industry, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $301 million by offering 16.7 million shares (8% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Keane Group would command a fully diluted market value of $1.9 billion.
Keane Group was founded in 1973 and booked $324 million in sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol FRAC. Citi, Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of January 16, 2017.
