Nine Energy Service, which provides well completion and production services, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
The Houston, TX-based company was founded in 2010 and booked $282 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol NINE. Nine Energy Service filed confidentially on March 27, 2017. J.P. Morgan, Goldman Sachs and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
