Flowco Holdings (FLOC.US) has announced its IPO plans, aiming to raise $392 million.
1min read Flowco Holdings, headquartered in Houston, Texas, USA, on Tuesday announced its specific plans for its initial public offering (IPO). The company plans to raise $392 million by issuing 17.8 million shares at a price range of $21 to $23 per share. The core investors are expected to subscribe for $125 million worth of shares, representing 32% of the total transaction. At the midpoint of the offering range, Flowco Holdings' fully diluted market capitalization will be $1.9 billion.
Flowco Holdings was established this year through the merger of Flowco Production Solutions, Estis Compression, and Flogistix. The company describes itself as a leading provider of production optimization, artificial lift, and methane reduction solutions for the oil and gas industry. Its products and services are designed to help energy producers maximize the profitability and lifespan of existing oil and gas wells.
Flowco Holdings' core products include high-pressure gas lift, conventional gas lift, plunger lift, and vapor recovery units, combined with its proprietary digital system. These solutions not only optimize production but also effectively slow the natural decline in oil and gas well productivity over time.
Flowco Holdings was founded in 1996 and achieved revenue of $425 million in the 12 months ending September 30, 2024. The company plans to list on the New York Stock Exchange under the ticker symbol FLOC. The underwriters for the IPO include J.P. Morgan, Jefferies, Piper Sandler, Evercore ISI, BMO Capital Markets, and Pareto Securities. The offering is expected to price during the week of January 13, 2025.