ProPetro Holding, which provides hydraulic fracturing services for the oil and gas industry, announced terms for its IPO on Tuesday.
The Midland, TX-based company plans to raise $350 million by offering 20 million shares (47% insider) at a price range of $16 to $19. At the midpoint of the proposed range, ProPetro Holding would command a fully diluted market value of $1.5 billion.
ProPetro Holding was founded in 2005 and booked $437 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol PUMP. Goldman Sachs, Barclays, Credit Suisse and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of March 13, 2017.
