Kodiak Gas Services, Inc late Wednesday announced that its initial public offering (IPO) of 16 million of its common shares will be priced at $16 per share, below the previous range of between $19 and $22 per share.
Kodiak, which provides compression equipment to help with oil and gas production, had initially intended to raise up to $352 million in its go-public transaction.
Its shares are expected to begin trading on the New York Stock Exchange (NYSE) today under the ticker symbol ‘KGS’.
The offering, meanwhile, is anticipated to close on July 3, 2023, subject to the satisfaction of customary closing conditions.
Goldman Sachs (NYSE:GS) & Co. LLC, JP Morgan and Barclays are serving as lead book-running managers for the offering.
As well, Kodiak has granted the underwriters a 30-day option to purchase up to an additional 2.4 million shares of common stock at the IPO price.
Contact Sean at sean@proactiveinvestors.com