Flowco Holdings Inc. announced on January 16, 2025, the pricing of its initial public offering of 17,800,000 shares of its Class A common stock at $24.00 per share. This pricing is above the previously expected range of $21.00 to $23.00 per share. The underwriters have a 30-day option to purchase up to an additional 2,670,000 shares.
The company's Class A common stock is expected to begin trading on the New York Stock Exchange under the ticker symbol 'FLOC' on January 16, 2025. The offering is anticipated to close on January 17, 2025, subject to customary closing conditions. This successful pricing indicates strong market demand for Flowco's shares.
Flowco intends to use the net proceeds from the offering to redeem certain equity interests from non-affiliate holders and repay indebtedness under its existing credit agreement. This capital infusion will strengthen the company's balance sheet and support its strategic growth initiatives. The pricing marks a significant step in Flowco's transition to a public company.
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