Cactus has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company intends to price its 21.43 million shares in the range of $16 to $19, with an overallotment option for an additional 3.21 million shares. At the maximum price, the entire offering is valued up to $468.21 million. The company intends to list its shares on the New York Stock Exchange under the symbol WHD.
The underwriters for the offering are Citigroup, Credit Suisse, Simmons, JPMorgan, Merrill Lynch, Tudor Pickering Holt, Barclays, RBC Capital Markets, Raymond James and Scotia Howard Weil.
This company designs, manufactures, sells and rents a range of highly-engineered wellheads and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion (including fracturing) and production phases of customers’ wells.
Its principal products include the Cactus SafeDrill wellhead systems, frac stacks, zipper manifolds and production trees that Cactus designs and manufactures. Every oil and gas well requires a wellhead, which is installed at the onset of the drilling process and which remains with the well through its entire productive life.
The Cactus SafeDrill wellhead systems employ technology traditionally associated with deepwater applications, which allows technicians to land and secure casing strings safely from the rig floor without the need to descend into the well cellar. Management believes it is a market leader in the onshore application of such technology, with thousands of its products sold and installed across the United States since 2011.
So far the firm operates 14 service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Eagle Ford, Bakken and other active oil and gas regions in the country. Cactus also has one service center in Eastern Australia. These service centers support field services and provide equipment assembly and repair services.
The company intends to use the net proceeds from its offering to pay down its debt, as well as for working capital and general corporate purposes.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
