Mammoth Energy Services, Inc. (NASDAQ:TUSK) today announced the completion of its initial public offering of 7,750,000 shares of common stock at a public offering price of $15.00 per share (the “Mammoth Energy IPO”), of which 7,500,000 shares were offered by Mammoth Energy and 250,000 shares were offered by certain selling stockholders named in the registration statement relating to this offering (the “Selling Stockholders”). Mammoth Energy’s common stock commenced trading on The Nasdaq Global Select Market on October 14, 2016 under the ticker symbol “TUSK.” The closing of the Mammoth Energy IPO took place on October 19, 2016. The underwriters have a 30-day option to purchase up to an additional 1,162,500 shares of common stock at the same price per share, all of which would be sold by the Selling Stockholders.
Net proceeds to Mammoth Energy from the sale of 7,500,000 shares of its common stock, after underwriting discounts and commissions and estimated expenses, are estimated to be approximately $103.2 million. On the closing date, Mammoth Energy repaid in full the outstanding borrowings under its revolving credit facility. Mammoth Energy intends to use the remaining net proceeds for other general corporate purposes, which may include the acquisition of additional equipment and complementary businesses that enhance its existing service offerings, broaden its service offerings or expand its customer relationships. Mammoth Energy did not receive any of the proceeds from the sale of the shares by the Selling Stockholders.
Credit Suisse Securities (USA) LLC acted as book-running manager for the offering. Barclays Capital Inc. and Piper Jaffray & Co. acted as joint book-running managers.
The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, copies of which, when available, may be obtained from Credit Suisse Securities (USA) LLC: