Liberty Oilfield Services plans to offer 10.7 million shares at between $14 to $16 a piece next week, according to a securities filing by the Denver-based company.
Liberty Oilfield said it plans to price its shares on Thursday evening, with trading to start Friday on the New York Stock Exchange under the ticker LBRT. Depending on investor demand, the company expects to raise between $142.1 million to $161.3 million after expenses.
Producers contract with the company for hydraulic fracturing fleets to complete drilled wells. The company started with one fleet in 2011 and had 19 at the end of last year.
“The demand for our hydraulic fracturing services exceeds our current capacity, and we expect, based on discussions with customers, to deploy three additional standard fleets, as well as upgrade four existing standard fleets to high pressure fleets,” the company said in its filing.
Proceeds from the offering will go to add the additional fleets, as well as to make asset acquisitions and repay debt.
Assuming an offering price of $15 a share, investors in the IPO will control about 16.1 percent of class A common shares, with voting control of about 9.2 percent.
