This week, a number of companies are set to launch the initial public offering of their shares. These companies include Zealand Pharma (NASDAQ:ZEAL), Contura Energy (NYSE:CTRA) and Ranger Energy Services (NYSE:RNGR) whose target market valuation is at around $240 million. The company would start trading on Friday on the New York Stock Exchange under the symbol RNGR.
Range Energy Services is known for providing Permian Basin E&P companies well services. The company whose shares are set to be priced at around $16-$18 is being managed by Credit Suisse (NYSE:CS) and will be offering around five million Class A common shares. Ranger Energy Services is also known for providing existing production tubing retrieval and replacement, high-spec services, rig, and facilities.
The company which currently houses around seven hundred employees is based in Houston, Texas under Darron Anderson as their chief executive officer.
In the U.S. Securities and Exchange Commission(SEC) filing from the company for its initial public offering, the company is set to price 5 million shares at around $16-$18 along with an overallotment option for 750,000 more shares.
Companies such as Barclays (NYSE:BCS), Credit Suisse, Wells Fargo (NYSE:WFC), Evercore ISI and Capital One Securities among many others are set to be the offering’s underwriters. The Ranger Energy Services offering is expected to go up by as much as $103.5 million.
The company has now a target of raising around 485 during the initial public offering of its shares. Despite the positive outlook on the company’s IPO as well as its ongoing backing from current investors, the company is in the middle of negative financial numbers with its net loss rising to $32 million during the first quarter of this year compared to last year’s loss of $22.1 million.
However, Ranger’s revenue has been showing some upbeat growth with their gross margin rising by 22% during the end of 2016. By the end of March this year, Ranger had $2 million worth of cash and its overall liabilities totaled to $48.9 million.