Nine Energy Services has announced that it expects to price 7 million shares in the range of $20 to $23. At the midpoint they would raise $151 million, giving the company a market capitalization of $501 million.
The company provides well completion and production services. It has its head office in the Greenspoint area and has about 40 locations in the US and Canada. Nine Energy Service is backed by SCF Partners who formed the company in February 2013 when they merged three of their portfolio companies (Northern States Completions, CDK Perforating and Integrated Production Services – Canada). They subsequently acquired four more companies and then merged with Beckman Production Services in February 2017.
The company had revenue of $469 million for the 12 months ended September 2017. The company initially filed for an IPO back in May 2017 but postponed its launch until market conditions improved.
The CEO of the company is Ann Fox, a former Marine who served several tours of duty in Iraq. She is a former Managing Partner of SCF Partners.
The company recently appointed Clinton Roeder as its CFO. Mr Roeder was previously the CFO of Total Safety Solutions and replaced Doug Aron who was CFO between February 2017 and September 2017.