Nine Energy Service Launches $160M IPO

Nine Energy Service, an oilfield services company that competes with companies like Halliburton and Baker Hughes, operates in a number of shale basins, including the Marcellus/Utica. Nine was formed in 2014 by the combination of four existing oilfield services companies–Northern States Completions, Tripoint LLC, CDK Perforating and Integrated Production Services Canada. All four were portfolio companies of SCF Partners–a private equity firm investing in the oil and gas industry. The new company was named Nine Energy Service and is headquartered in Houston, TX. Why the unusual name of “Nine”? It’s aspirational. On a scale of 1-10 with 10 being perfect, they aspire to be a 9, which is about as good as you can get. Hence the name, which is kind of cool. Nine announced yesterday it plans to go public with an initial public offering of 7 million shares. The company hopes to raise ~$160 million with the IPO…

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