(Source: Shutterstock.com, Flowco)
Flowco Holdings priced its IPO at $24 per share, above original guidance of between $21 and $23 per share.
The oilfield services provider plans to sell 17.8 million shares, Flowco updated investors after markets closed on Jan. 15. At that pricing, excluding fees, the IPO could generate approximately $427 million.
The company’s shares will begin trading on the New York Stock Exchange on Jan. 16 under the ticker symbol “FLOC.” The offering is expected to close on Jan. 17.
Flowco plans to use proceeds from the IPO to repay debt borrowed under its existing credit facility and to redeem equity interests from certain non-affiliate holders.
J.P. Morgan, Jefferies, Piper Sandler and Evercore ISI are serving as lead bookrunning managers for the proposed offering. BMO Capital Markets, Pareto Securities and TPH & Co. are acting as joint book-running managers. Fearnley Securities and Pickering Energy Partners are acting as co-managers.
Flowco offers services for high pressure gas lift, conventional gas lift, plunger lift and vapor recovery lift solutions. The company has presences in most major U.S. basins, including the Permian, Appalachian and Williston basins and the Eagle Ford Shale, Midcontinent and Rockies regions.
Flowco was created in June 2024 through a combination between Global Energy Capital and White Deer Energy. The company reported total revenues of $349.29 million through the first nine months of 2024.
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