Ranger Energy Services, which provides well services for E&P companies in the Permian Basin, announced terms for its IPO on Tuesday.
The Houston, TX-based company plans to raise $85 million by offering 5 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Ranger Energy Services would command a fully diluted market value of $240 million.
Ranger Energy Services was founded in 2014 and booked $77 million in sales for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol RNGR. Credit Suisse, Simmons & Co., Wells Fargo Securities, Barclays and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of August 7, 2017.
