Oilfield services provider Keane Group Inc. announced the commencement of its initial public offering of 15,300,000 shares of common stock, at an anticipated initial public offering price between $17.00 and $19.00 per share, pursuant to a registration statement on Form S-1 previously filed with the US Securities and Exchange Commission (SEC). The selling stockholder named in the registration statement is selling 1,400,000 shares of the company's common stock in the offering. The selling stockholder also expects to grant the underwriters a 30-day over-allotment option to purchase an additional 2,505,000 shares of the company's common stock. The company has been approved to list its common stock on the New York Stock Exchange (NYSE) under the symbol "FRAC," subject to official notice of issuance.
The company intends to use the net proceeds from the offering received by it to repay certain outstanding debt, to pay fees and expenses related to the offering and the remainder for general corporate purposes. The company will not receive any proceeds from the offering of the common stock by the selling stockholder.
Citigroup, Morgan Stanley, BofA Merrill Lynch, and JP Morgan are acting as joint book-running managers for the proposed offering. Wells Fargo Securities, Piper Jaffray & Co. and Houlihan Lokey are acting as senior co-managers for the proposed offering. Guggenheim Securities, Scotia Howard Weil and Stephens Inc. are acting as co-managers for the proposed offering.
Headquartered in Houston, Texas, Keane is a large, pure-play provider of integrated well completion services in the US. Keane's primary service offerings include horizontal and vertical fracturing, wireline perforation and logging and engineered solutions, as well as other value-added service offerings.