U.S. oilfield services firm Flowco Holdings is eyeing a market value of around $2 billion with a proposed initial public offering. (Source: Shutterstock.com)
Flowco Holdings is planning an IPO that could value the U.S. artificial lift services provider at around $2 billion.
Houston-based Flowco plans to sell 17.8 million common shares at a price between $21 and $23 per share, the company announced Jan. 7. Underwriters will also have a 30-day option to acquire up to an additional 2.67 million shares.
The company anticipates generating between $358.1 million and $413.3 million, after deducting underwriting discounts and estimated offering expenses, according to regulatory filings.
Flowco plans to use proceeds from the IPO to repay debt under its existing credit facility and redeem equity interests from certain non-affiliate holders. The company plans to list its shares on the New York Stock Exchange under the ticker symbol “FLOC.”
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’s core business segments are production solutions and natural gas technologies. The company offers services for high pressure gas lift, conventional gas lift, plunger lift and vapor recovery lift solutions.
The company has presences in major U.S. shale plays 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.
Flowco is the latest energy-focused player readying to test the public markets with an IPO.
Several other energy companies have filed preliminary IPO paperwork with regulators, including LNG powerhouse Venture Global, Ohio Utica producer Infinity Natural Resources and Powder River Basin producer Peak Resources LP, among others.
Barnett Shale gas producer BKV Corp. successfully went public through an IPO in September 2024.
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