Two Texas companies lauch initial public offerings

By Patrick C. Miller | January 30, 2018

Two Texas companies—Cactus Inc. and FTS International Inc.—are launching initial public offerings of their shares.

Headquartered in Fort Worth, FTS is one of the largest providers of hydraulic fracturing services in North America, specializing in enhancing oil and gas flows from unconventional formations. Cactus, located in Houston, designs, manufactures, sells and rents engineered wellheads and pressure control equipment for onshore unconventional oil and gas wells.

FTS launched an initial public offering of more than 15 million shares of its common stock for between $15 to $18 per share. The shares have been authorized for listing on the New York Stock Exchange.

Cactus launched an initial public offering of more than 21 million shares of its Class A common stock at an anticipated price between $16 and $19 per share. In addition, Cactus said intends to grant the underwriters a 30-day option to purchase up to an additional 3,214,285 shares of Class A common stock at the initial public offering price. The shares have been authorized for listing on the New York Stock Exchange.

Cactus operates 14 service centers in the U.S. located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Eagle Ford and Bakken, among others. It also has a service center in Eastern Australia.