Flowco
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Flowco Holdings Inc. Announces Pricing of Initial Public Offering
Flowco Holdings Inc. has announced the pricing of its initial public offering (IPO) of 17,800,000 shares of its Class A common stock at $24.00 per share. The company plans to use the net proceeds to redeem certain equity interests and repay indebtedness under its existing credit agreement. Flowco provides production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry, enabling producers to maximize the profitability and economic lifespan of their assets. The IPO is expected to close on January 17, 2025, subject to customary closing conditions, with the company’s Class A common stock trading on the New York Stock Exchange under the ticker symbol “FLOC”.
Oilfield services provider Flowco shows revenue surge in US IPO filing
Oilfield services provider Flowco showed a surge in revenue when it filed paperwork for a U.S. initial public offering, becoming the latest to capitalize on a recent revival in investor appetite for newly listed stocks. Flowco did not reveal the number of shares it intends to sell or the potential size of its offering, but Reuters reported in September, citing sources, it could seek a valuation of as much as $2 billion.
Flowco’s business is divided into two segments - production solutions and natural gas technologies. It saw total revenue surge to $349.3 million in the nine months ended Sept. 30, versus $167.9 million a year earlier.