Ranger Energy Services Inc.
Description
Opened IPO of about 5.8 million Class A common shares priced at $14.50 each. Underwriters received a 30-day option to purchase 879,310 additional shares. All net proceeds will go to subsidiary Ranger Energy Services LLC. In exchange, Ranger LLC will issue limited liability company units to Ranger Inc. Ranger LLC will use net proceeds to repay debt, pay bonuses and fund ESCO Leasing LLC acquisition, and support general corporate purposes.