ProFrac’s Alpine Silica Frac Sand Subsidiary Launching IPO
ProFrac Holding Corp. is an oilfield service company (OFS) providing well-stimulation services, proppants production, and other complementary products and services to oil and gas companies engaged in the exploration and production (E&P) of unconventional oil and natural gas resources throughout the United States. In other words, ProFrac is a fracker-for-hire. The company has its own subsidiary to provide frac sand called Alpine Silica Holding, LLC. Yesterday, ProFrac, a public company, announced its plans to spin the Alpine subsidiary into its own public company with an initial public offering (IPO).
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U.S. Well Services (USWS), a company that specializes in fracking shale wells using gas-fired electric (as opposed to diesel) engines, has operations in the Marcellus/Utica, as well as other plays. Last week USWS announced it is selling itself to ProFrac Holding Corp. in an all-stock transaction analysts value at $225-$230 million. The deal will create the second-largest U.S. fracking company by total horsepower, and the largest electric fleet operator with 12 active e-fracking fleets.