Select Energy Services (WTTR) IPO Opens Up 6%

Today's IPO for Select Energy Services, Inc. (NYSE: WTTR) opened for trading a $14.90 after pricing 8,700,000 shares of its Class A common stock at $14.00 per share.

In addition, Select granted the underwriters a 30-day option to purchase up to an additional 1,305,000 shares of Select's Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on April 26, 2017, subject to customary closing conditions.

Select intends to contribute all of the approximately $111.4 million of net proceeds, or $128.6 million if the underwriters exercise their option to purchase additional shares in full, Select will receive from this offering to SES Holdings, LLC ("SES Holdings"), its subsidiary, in exchange for limited liability company units in SES Holdings. SES Holdings intends to use the net proceeds to repay borrowings incurred under its credit facility to fund the cash portion of the purchase price of a recent acquisition in the Permian Basin, for substantially all of its 2017 budgeted capital expenditures and for the cash settlement of outstanding phantom units at SES Holdings.

Credit Suisse, FBR, Wells Fargo Securities, BofA Merrill Lynch, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering.

Select Energy Services, Inc. is a leading provider of total water solutions to the U.S. unconventional oil and gas industry. Select provides for the sourcing and transfer of water (both by permanent pipeline and temporary pipe) prior to its use in the drilling and completion activities associated with hydraulic fracturing, as well as complementary water-related services that support oil and gas well completion and production activities including containment, monitoring, treatment, flowback, hauling and disposal.

You May Also Be Interested In

• SK hynix files for Nasdaq IPO under ticker symbol SKHY
• Hertz cuts guidance, announces notes and stock offerings, shares sink
• CopperTech Metals files for IPO on NYSE under ticker CUX