Liberty Oilfield Services Inc.’s $249 Million Upsized Initial Public Offering

Liberty Oilfield Services Inc. announced the pricing of an upsized initial public offering of 12,731,092 shares of its Class A common stock at $17.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “LBRT” on January 12, 2018.

In addition, Liberty and the selling shareholder granted the underwriters a 30-day option to purchase up to an additional 1,909,663 shares of Liberty’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on January 17, 2018, subject to customary closing conditions.

Liberty expects to receive approximately $194.4 million of net proceeds from the offering, or $220.2 million if the underwriters exercise their option to purchase additional shares in full.

Morgan Stanley, Goldman Sachs & Co. LLC, Wells Fargo Securities, Citigroup, J.P. Morgan and Evercore ISI are acting as joint book-running managers for the offering.

Liberty Oilfield Services Inc. provides hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America. The company, led by Christopher A. Wright, Ron Gusek, Michael Stock, Jim Brady and R. Sean Elliott, is based in Denver.

Vinson & Elkins advised Liberty Oilfield Services Inc. with a team including David Oelman, Ramey Layne, James Brown, Crosby Scofield, Anne Peetz, Jane Ehinmoro, John Lynch, Lina Dimachkieh, Neil Clausen, Stephen Jacobson, Gina Hancock and Larry Pechacek.

Baker Botts advised the underwriters with a team including Joshua Davidson (Picture); Jonathan Platt, Heath DeJean, Sunil Jamal (Capital Markets), Stephen Marcus and Jared Meier (Tax)

Involved fees earner: David Palmer Oelman – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Anne Peetz – Vinson & Elkins LLP; Jane Ehinmoro – Vinson & Elkins LLP; James Brown – Vinson & Elkins LLP; Crosby Scofield – Vinson & Elkins LLP; John Edward Lynch – Vinson & Elkins LLP; Lina Dimachkieh – Vinson & Elkins LLP; Neil Clausen – Vinson & Elkins LLP; Stephen Jacobson – Vinson & Elkins LLP; Gina Hancock – Vinson & Elkins LLP; Larry Pechacek – Vinson & Elkins LLP; Joshua Davidson – Baker Botts; Jonathan Platt – Baker Botts; Heath DeJean – Baker Botts; Sunil Jamal – Baker Botts; Stephen Marcus – Baker Botts; Jared Meier – Baker Botts;

Law Firms: Vinson & Elkins LLP; Baker Botts;

Clients: Goldman, Sachs & Co.; JP Morgan; Morgan Stanley; Evercore Partners; Liberty Oilfield Services LLC; Wells Fargo Securities;


Author: Ambrogio Visconti