Liberty Oilfield Services, which provides hydraulic fracturing services for the oil and gas industry, announced terms for its IPO on Monday.
The Denver, CO-based company plans to raise $400 million by offering 22.9 million shares (23% insider) at a price range of $16 to $19. At the midpoint of the proposed range, it would command a fully diluted market value of $2.24 billion and an enterprise value of $2.05 billion.
Liberty Oilfield Services was founded in 2011 and booked $375 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol BDFC. Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Citi, J.P. Morgan and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of May 1, 2017.
