Mammoth Energy Services (TUSK) said late Thursday it has priced its initial public offering of nearly 7.8 million shares at $15.00 per share, the low end of the expected range of $15.00 to $18.00.
A total of 7.5 million shares will be sold by Mammoth Energy and 250,000 shares will be sold by stockholders. The underwriters have a 30-day option to purchase more than 1.1 million additional shares at the IPO price, all of which would be sold by the selling stockholders.
Shares will begin trading on the NASDAQ Global Select market on Oct. 14 under the ticker symbol “TUSK.”
Proceeds of approximately $103.2 million will be used to repay the company’s revolving credit facility. Remaining proceeds will be used for general corporate purposes, which may include acquisitions. The offering is expected to close around Oct. 19.