Keane Group Files for IPO

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Keane Group has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company did not list any pricing details in the filing, but the offering is valued up to $287.5 million. The company intends to list its common stock on the New York Stock Exchange under the symbol FRAC.

The underwriters for the offering are Citigroup, Morgan Stanley, Merrill Lynch, JPMorgan, Wells Fargo, Simmons, Houlihan Lokey and Guggenheim Securities.

This is one of the largest pure-play providers of integrated well completion services in the United States, with a focus on complex, technically demanding completion solutions. The primary service offerings include horizontal and vertical fracturing, wireline perforation and logging and engineered solutions, as well as other value-added service offerings.

With approximately 944,250 hydraulic horsepower spread across 23 hydraulic fracturing fleets and 23 wireline trucks located in the Permian Basin, the Marcellus Shale/Utica Shale, the SCOOP/STACK Formation, the Bakken Formation and other active oil and gas basins, Keane provides industry-leading completion services with a strict focus on health, safety and environmental stewardship and cost-effective customer-centric solutions.

The company described its business in the filing:

We provide our services in conjunction with onshore well development, in addition to stimulation operations on existing wells, to exploration and production (E&P) customers with some of the highest quality and safety standards in the industry. We believe our proven capabilities enable us to deliver cost-effective solutions for increasingly complex and technically demanding well completion requirements, which include longer lateral segments, higher pressure rates and proppant intensity, and multiple fracturing stages in challenging high-pressure formations.

Keane intends to use the net proceeds from this offering to repay its debt, with any remaining proceeds going toward general corporate purposes and working capital.

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