Houston-based Solaris Oilfield Infrastructure has priced its public offering of 7 million shares of its Class A common stock at $15.75 per share, for gross proceeds of $110.25 million.
The company, which manufactures proppant management systems that unload, store and deliver proppant at well sites, said 3 million shares are to be sold by Solaris, and 4 million shares are to be sold by shareholders.
The selling stockholders have granted the offering’s underwriters a 30-day option to purchase from said stockholders up to an additional 1.05 million shares of common, Kallanish Energy reports.
Solaris intends to use the net proceeds it receives from the offering for general corporate purposes, including to fund its 2017 capital program.
Solaris’ common stock is traded on the New York Stock Exchange under the ticker symbol “SOI.” Credit Suisse and Goldman Sachs acted as joint book-running manager for the offering.
The offering is expected to close on Nov. 14.