Cactus Inc.’s $405 Million Initial Public Offering

Baker Botts represented the Underwriters on the offering

Cactus, Inc. announced the pricing of an upsized initial public offering of 23,000,000 shares of its Class A common stock at $19.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “WHD” on February 8, 2018. In addition, Cactus granted the underwriters a 30-day option to purchase up to an additional 3,450,000 shares of Cactus’ Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on February 12, 2018, subject to customary closing conditions.

Cactus expects to receive approximately $405.8 million of net proceeds from the offering, or $467.4 million if the underwriters exercise their option to purchase additional shares in full.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the offering and as representatives of the underwriters. In addition, Simmons & Company International, Energy Specialists of Piper Jaffray, J.P. Morgan and BofA Merrill Lynch also acted as joint book-running managers for the offering, and Tudor, Pickering, Holt & Co., Barclays, RBC Capital Markets, Raymond James and Scotia Howard Weil acted as co-managers.

Cactus, Inc. manufactures control equipment. The Company offers wellhead systems, valves, and flow control products. Cactus, led by Scott Bender, Brian Small and Joel Bender, in 2016 recorded $155 Million Revenues.

Baker Botts advised with a team including David J. Kirkland Jr. (Picture, Houston), A.J. Ericksen (Partner, Houston); Laura Katherine Mann (Senior Associate, Houston); Chelsea Gaw (Associate, Houston); Ieuan List (Associate, Houston), Hayley Hervieux (Capital Markets), Don J. Lonczak (Partner, Washington), Peter Farrell (Tax), Chris Pratt (Employee Benefits & Executive Compensation), Robinson Vu (Intellectual Property), Scott Janoe (Partner, Houston) and Harrison Reback (Environmental).

Involved fees earner: David Kirkland – Baker Botts; A.J. Ericksen – Baker Botts; Laura Katherine Mann – Baker Botts; Chelsea Gaw – Baker Botts; Ieuan List – Baker Botts; Hayley Hervieux – Baker Botts; Don Lonczak – Baker Botts; Peter Farrell – Baker Botts; Chris Pratt – Baker Botts; Robinson Vu – Baker Botts; Scott Janoe – Baker Botts; Harrison Reback – Baker Botts;

Law Firms: Baker Botts;

Clients: Citigroup Global Markets Ltd; Credit Suisse Securities Limited;

Print Friendly, PDF & Email

Author: Ambrogio Visconti