PE-backed ProPetro sets IPO pricing terms

Midland, Texas-based ProPetro Holding Corp, an oilfield services company, has priced 20 million shares of its IPO between $16 and $19 per share. The stock will trade on the New York Stock Exchange under the ticker symbol “PUMP.” Goldman Sachs and Barclays Capital Inc are serving as the lead underwriters. ProPetro is backed by Energy Capital Partners.

PRESS RELEASE

MIDLAND, Texas–(BUSINESS WIRE)–ProPetro Holding Corp. (the “Company”) has commenced an initial public offering of 20,000,000 shares of its common stock, of which 10,631,300 shares are to be sold by the Company and 9,368,700 shares are to be sold by the selling stockholders named in the registration statement on Form S-1 filed previously with the U.S. Securities and Exchange Commission (“SEC”). The anticipated initial offering price is between $16.00 and $19.00 per share, and the offering is being made pursuant to the registration statement. The selling stockholders expect to grant the underwriters a 30-day option to purchase from the selling stockholders up to an additional 3,000,000 shares of the Company’s common stock. The Company’s shares of common stock are expected to trade on the New York Stock Exchange under the ticker symbol “PUMP.”

The Company intends to use the net proceeds it receives from the offering to repay borrowings outstanding under the Company’s term loan, to fund the purchase of additional hydraulic fracturing units and for general corporate purposes.

Goldman, Sachs & Co. and Barclays Capital Inc. are acting as book-running managers for the proposed initial public offering. Credit Suisse and J.P. Morgan Securities LLC are also acting as book-running managers for the offering.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective.

These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

When available, to obtain a copy of the prospectus free of charge, visit the SEC’s website, www.sec.gov, and search under the registrant’s name, “ProPetro Holding Corp.”

About ProPetro:
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing hydraulic fracturing and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.