Keane Group, which provides hydraulic fracturing well completion services for the oil and gas industry, raised the proposed deal size for its upcoming IPO on Tuesday.
The Houston, TX-based company now plans to raise $401 million by offering 22.3 million shares (30% insider) at a price range of $17 to $19. The company had previously filed to offer 16.7 million shares at a range of $17 to $19. At the midpoint of the revised range, Keane Group will raise 34% more in proceeds than previously anticipated.
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.
