Oil-field equipment-services provider Ranger Energy Services (NYSE:RNGR) has set its target to raise $85 million during the initial public offering of its shares on Friday. The company would be listed under the ticker “RNGR” on the New York Stock Exchange.
Energy companies have been trying to get public during the past couple of months after the new administration provided a bright outlook for energy companies as oil producing countries worked on raising oil prices back up.
Ranger has filed for its initial public offering back in May is known for being one of the biggest independent providers of high-specification well service rigs and associated services in the United States that focuses on unconventional well completion and production operations.
Ranger Energy Services currently has a fleet of sixty-eight well-service rigs. Some of its customers include Statoil ASA (NYSE:STO), PDC Energy (NASDAQ:PDCE), Noble Energy (NYSE:NBL) and EOG Resources (NYSE:EOG). The company initially filed a maximum offering price of $100 million.
The lead underwriters for the IPO offering would be current investors like Credit Suisse (SIX:CSGN) Group (NYSE:CS), Wells Fargo (NYSE:WFC) Securities, Simmons & Company International, Piper Jaffray Energy Specialist while Barclays (LON:BARC) and Evercore ISI are set to be additional book-running managers. The company might also grant underwriters an additional 750,000 Class A shares for thirty days at its initial public offering price.
Last week, Ranger Services Inc stated that it will launch an initial public offering of 5 million Class A common shares set to be given an initial public offering price of around $16 to $18 per share as stated in the company’s Securities and Exchange Commission filing.
The Houston, Texas-based company is expected to raise as much as $90 million to $103.5 million should the lead underwriters decide to remove the underwriter discount and fully exercise their option depending on the projected price range.
Due to the company’s bright growth outlook after its gross margin jumped by 22% last year, the company is receiving some attention regarding its upcoming IPO launch. Last March, the company was able to record $2 million worth of cash while its total liabilities amounted to $48.9 million.