Go with the flow. Oil and gas well equipment and services provider Flowco Holdings Inc. (FLOC Proposed) unveiled its IPO terms – 17.8 million shares at a price range of $21.00 to $23.00 – in an S-1/A filing early today – Tuesday, Jan. 7, 2025. Flowco’s deal is expected to price next week. Flowco Holdings would raise $391.6 million, if the IPO is priced at the $22.00 mid-point of its range.
Bankers plan to price Flowco Holdings’ IPO next Wednesday night – Jan. 15, 2025 – to trade Thursday, Jan. 16, 2025 – on the New York Stock Exchange.
J.P. Morgan, Jefferies and Piper Sandler are leading the joint book-running team. Evercore ISI, BMO Capital Markets and Pickering Energy Partners are also among the book-runners. The investment banking team includes Fearnley Securities, Pareto Securities and TPH & Co.
Flowco Holdings, based in Houston, was formed in 2024 through the merger of three companies – Flowco Production Solutions, Estis Compression and Flogistix, according to the prospectus. The profitable company is “a leading provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry,” the prospectus said.
“Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies,” the prospectus said. “Our core technologies include high pressure gas lift (“HPGL”), conventional gas lift, plunger lift and vapor recovery unit (“VRU”) solutions, all of which are overlaid by our proprietary digital technologies and solutions that enable real-time remote monitoring and control to maximize efficiencies of our products and services. These products and services, including proprietary technologies such as HPGL, which was pioneered by Flowco, hold, in their respective categories, leading positions in growing markets, and are used extensively by the largest oil and natural gas producers primarily in the U.S.”
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