January 29, 2018 / 7:03 PM / a year ago

Quintana Energy becomes latest oilfield services firm to launch IPO

HOUSTON (Reuters) - Oilfield services provider Quintana Energy Services aims to raise around $125 million through an initial public offering of shares, according to a filing on Monday with the U.S. Securities and Exchange Commission.

The Houston-based company, which provides drilling and well-completion services, plans to sell around 9.3 million shares at between $12 and $15 per share in coming days. It reported a loss of $23 million on revenue of $307.2 million for the first nine months of 2017, its filing said.

Higher oil prices - U.S. crude futures have traded above $60 per barrel throughout January - are helping boost demand for drilling and other services and creating an opening for services firms to tap investor interest.

Pressure pumper Liberty Oilfield Services in mid-January was the first oilfield service firm to go public this year, following a drought of IPOs in the second half of 2017. Since that offering, rival Nine Energy Service has also gone public, and last week FTS International firmed up plans to raise $250 million through a public offering.

Shares of Liberty Oilfield Services were trading around $22.50 on Monday, above its initial offering price of $17 per share. Nine Energy Service was trading $25.70, about 11 percent over its initial price of $23 a share.

Reporting by Liz Hampton Editing by Chizu Nomiyama

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