Oilfield services provider Quintana Energy Services aims to raise around $125 million through an IPO of shares, according to a filing on Jan. 29 with the U.S. Securities and Exchange Commission.
The Houston-based company, which provides drilling and well completion services, plans to sell around 9.3 million shares at between $12 and $15 per share in coming days. It reported a loss of $23 million on revenue of $307.2 million for the first nine months of 2017, its filing said.
Higher oil prices—U.S. crude futures have traded above $60 per barrel throughout January—are helping boost demand for drilling and other services and creating an opening for services firms to tap investor interest.
Pressure pumper Liberty Oilfield Services Inc. (NYSE: LBRT) in mid-January was the first oilfield service firm to go public this year, following a drought of IPOs in the second half of 2017. Since that offering, rival Nine Energy Service Inc. (NYSE: NINE) has also gone public, and last week FTS International Inc. firmed up plans to raise $250 million through a public offering.
Shares of Liberty Oilfield Services were trading around $22.50 on Jan. 29, above its initial offering price of $17 per share. Nine Energy Service was trading $25.70, about 11% over its initial price of $23 a share.
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