A previous version of this story said the upper end of Kodiak’s estimated price range is $21. The correct figure is $22. The story has been updated.
Kodiak Gas Services Inc. said Tuesday it plans to sell 16 million shares of common stock at an estimated range of $19 to $22 a share in its upcoming initial public offering on the New York Stock Exchange under the symbol “KGS”. At the midpoint of the estimated price range, Kodiak will raise about $328 million with underwriters Goldman Sachs & Co LLC and J.P. Morgan. An affiliate of EQT AB
EQT,
will beneficially own approximately 79% of its stock after it goes public. With 77.4 million shares outstanding after it goes public including overallotment shares sold by the underwriters, Kodiak will have a market capitalization of about $1.59 billion based on an IPO price of $20.50 a share. Kodiak reported adjusted net income of $101.43 million for 2022 on revenue of $707.9 million, as a provider of compression infrastructure in the oil and gas business. For the three months ended March 31, Kodak reported adjusted net income of $11.3 million on revenue of $190.1 million.