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Keane Group files paperwork for IPO

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Written by Mike D. Smith at The Houston Chronicle
Click HERE to Read the Article by the Publisher.


Houston-based oil and gas hydraulic fracturing and well completion services firm Keane Group has filed for an initial public offering with the Securities and Exchange Commission.

Keane would trade on the New York Stock Exchange under the symbol FRAC. The company has yet to determine the number of shares it will offer and the price range of those shares, according to a company statement. The SEC filing lists proposed maximum proceeds of $287.5 million.

Citigroup, Morgan Stanley, Bank of America Merrill Lynch and JPMorgan will act as book-runners for the stock offering.

Keane is active in the major North American shale plays including Bakken, Eagle Ford, Permian, Oklahoma’s “Scoop” and “Stack” regions and the Marcellus and Utica shales of the northeastern U.S.

Earlier this year, Keane bought Canadian oil field services firm Trican’s U.S. business for $247 million. The purchase doubled Keane’s workforce to 1,100 people and tripled the company’s fracking capacity. At the time, company officials said they planned to pursue additional purchase opportunities.


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Written by Mike D. Smith at The Houston Chronicle
Click HERE to Read the Article by the Publisher.

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