Cactus, which sells wellheads and pressure control equipment used in onshore drilling, announced terms for its IPO on Monday. The company also added J.P. Morgan, BofA Merrill Lynch, Tudor, Pickering, Holt & Co., Barclays, RBC Capital Markets, Raymond James and Scotia Howard Weil as co-managers on the deal.
The Houston, TX-based company plans to raise $375 million by offering 21.4 million shares at a price range of $16 to $19. At the midpoint of the proposed range, Cactus would command a market value of $1.3 billion.
Cactus was founded in 2011 and booked $286 million in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol WHD. Citi, Credit Suisse, Simmons & Co., J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of February 5, 2018.
