FTS International, a vertically integrated provider of hydraulic fracturing for the oil and gas industry, raised the proposed deal size for its upcoming IPO on Thursday.
The Fort Worth, TX-based company now plans to raise $322 million by offering 19.5 million shares (22% insider) at a price range of $15 to $18. The company had previously filed to offer 15.2 million shares (100% primary) at the same range. The additional shares are being sold by Chesapeake Energy (CHK). At the midpoint of the range, FTS International will raise 29% more in proceeds than previously anticipated.
FTS International was founded in 2000 and booked $1.2 billion in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol FTSI. Credit Suisse, Morgan Stanley, Wells Fargo Securities, Barclays, Citi and Evercore ISI are the joint bookrunners on the deal. It is expected to price tonight.
