Shearman & Sterling advised the underwriters of FTS International, Inc.’s initial public offering of 22,425,000 shares of common stock (including 2,925,000 shares purchased by the underwriters pursuant to their over-allotment option) at an initial public offering price of $18.00 per share. 4,348,484 of the shares were sold by CHK Energy Holdings, Inc. as the selling stockholder, resulting in gross proceeds of approximately $306.7 million to FTS and $73.8 million to CHK. The shares began trading on The New York Stock Exchange under the ticker symbol “FTSI” on February 1, 2018.
Credit Suisse and Morgan Stanley acted as lead book-running managers for the offering. Additional book-running managers were Wells Fargo Securities, Barclays, Citigroup and Evercore ISI. Co-managers were Guggenheim Securities, Simmons & Company International, Energy Specialists of Piper Jaffray, Tudor, Pickering, Holt & Co. and Cowen.
FTS International, Inc. is one of the largest providers of hydraulic fracturing services in North America. The company’s services enhance hydrocarbon flow from oil and natural gas wells drilled by exploration and production, or E&P, companies in shale and other unconventional resource formations.
The Shearman & Sterling team below was supported by associates Naveen Pogula (New York-Capital Markets), Daniel Kachmar (New York-Tax) and Taylor Montgomery (New York-Corporate).