Houston Energy Firm Sets Details of $250 Million IPO
HOUSTON, TX — Oil prices are hovering in the low to mid 50s, but there’s still abundant activity in the sector. Houston-based Keane Group, for example, has announced an IPO, and will soon be known as “FRAC” on the New York Stock Exchange.
The deal will involve 15,300,000 shares of Keane’s common stock at an initial price of $17 to $19 per share. The company plans to use proceeds from the share sale to pay debts and fees and to address “general corporate purposes,” according to a company statement. Net proceeds will go toward outstanding debt, fees and expenses related to the IPO, and general corporate purposes.
At $18 a share, the deal would produce net proceeds of around $250 million, the company estimates.
Written by James Brock at Patch.com