Ranger Energy Services, which provides well services for E&P companies in the Permian Basin, announced terms for its IPO on Tuesday.
The Houston, TX-based company plans to raise $85 million by offering 5 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Ranger Energy Services would command a fully diluted market value of $240 million.
Ranger Energy Services was founded in 2014 and booked $77 million in sales for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol RNGR. Credit Suisse, Simmons & Co., Wells Fargo Securities, Barclays and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of August 7, 2017.
The article Oilfield services provider Ranger Energy Services sets terms for $85 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.
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