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Nine Energy Service Inc (NYSE:NINE) Reports Closing Of IPO



Nine Energy Service Inc (NYSE:NINE) reported the closing of its IPO of around 8.05 million shares at a public offering price of $23 per share, which included around 1.05 million shares offered upon full exercise of the alternative to buy additional shares given to the underwriters. The shares started trading on the NYSE under the ticker “NINE” on January 19, 2018.

The buzz

J.P. Morgan, Wells Fargo Securities and Goldman Sachs & Co. LLC were joint book-running managers and as underwriters’ representatives for the offering. Credit Suisse and BofA Merrill Lynch also were joint book-running managers for this offering. The offering of the respective securities was done only by way of a prospectus.

Nine Energy is a major North American onshore production and completion services provider that aims unconventional gas and oil resource development. It partners with production and exploration customers throughout key onshore basins in both Canada and the U.S. to deploy and design downhole technology and solutions to set horizontal, multistage wells meant for production. Nine Energy is headquartered in Houston, with operating facilities in the Eagle Ford, MidCon, Permian, Bakken, Rockies, Marcellus, Barnett, Utica and throughout Canada.

SCF Partners reported that Nine Energy successfully completed an IPO of 7 million shares at $23 per share. Moreover, the underwriters have used in full their option to buy up to an additional 1.05 million shares of company’s common stock. Nine’s shares trade on the New York Stock Exchange under the ticker symbol “NINE.”

Nine’s venture into the public markets exhibits a major step in the evolution of the firm as a pioneer in the North American completions segment. The IPO strengthens the firm’s balance sheet and positions it to take advantage of imminent growth opportunities. They are incredibly thankful for and proud of the Nine team and all actions taken to build the firm. The management look forward to this journey ahead as a public firm.

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