ProPetro (PUMP) IPO Opened Up 7%

Today's IPO for ProPetro Holding Corp. (NYSE: PUMP) opened for trading at $15 after the company priced the initial public offering of 25,000,000 shares of its common stock at $14.00 per share, of which 13,250,000 shares are to be sold by the Company and 11,750,000 shares are to be sold by the selling stockholders.

The Company intends to use the net proceeds it receives from the offering to repay borrowings outstanding under the Companys term loan, to fund the purchase of additional hydraulic fracturing units and for general corporate purposes. The Company will not receive any net proceeds from the sale by the selling stockholders of shares of the Companys common stock.

Goldman, Sachs & Co. and Barclays Capital Inc. are acting as book-running managers for the proposed initial public offering. Credit Suisse and J.P. Morgan Securities LLC are also acting as book-running managers for the offering.

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing hydraulic fracturing and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.

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