By Josh Beckerman
Oil-field services company Keane Group Inc., which increased the size of its initial public offering at least twice, said the IPO priced at the high end of its estimated range Thursday.
The Houston provider of hydraulic fracturing and other well completion services said the offering of 26.76 million shares priced at $19 each.
Keane is selling 15.7 million of the shares, while the rest are being sold by an entity that includes private-equity firm Cerberus Capital Management LP. Cerberus bought a majority of Keane in 2011.
In November, Keane filed confidential IPO paperwork, and the next month it revealed its plans to go public.
Regulatory filings this month mentioned an estimated price of $17 to $19, with the size projected at 16.7 million shares and then 22.3 million shares.
A severe energy downturn in recent years has led to net losses and job cuts at oil-field services providers like Halliburton Co. and Baker Hughes Inc.
For the nine months ended Sept. 30, Keane's revenue fell to $269.5 million from $312.2 million in the comparable 2015 period. Net loss widened to $148.6 million from $38.9 million.
In December, Keane said it believes it "well positioned to capitalize efficiently on an industry recovery." The company pointed to its active role in North American shale areas and said its strong balance sheet will help it expand.
Keane will trade on the New York Stock Exchange under the symbol FRAC. The company will use the proceeds to repaydebt.
Citigroup, Morgan Stanley, BofA Merrill Lynch, and J.P. Morgan are joint book-running managers.
Write to Josh Beckerman at email@example.com
(END) Dow Jones Newswires
January 19, 2017 20:05 ET (01:05 GMT)
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