Cactus (WHD) to Raise $374 Million in IPO

Cactus (WHD) plans to raise $374 million in an initial public offering on Thursday, February 8th, IPO Scoop reports. The company plans to issue 21,400,000 shares at $16.00-$19.00 per share.

In the last 12 months, Cactus generated $286 million in revenue and $45.1 million in net income. The company has a market cap of $1.3 billion.

Citigroup and Credit Suisse acted as the underwriters for the IPO and Simmons & Company International (Energy Specialists of Piper Jaffray), J.P. Morgan, BofA Merrill Lynch, Tudor, Pickering, Holt & Barclays, RBC Capital Markets, Raymond James and Scotia Howard Weil were co-managers.

Cactus provided the following description of their company for its IPO: “We design, manufacture, sell and rent a range of highly-engineered wellheads and pressure control equipment. Our products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion (including fracturing) and production phases of our customers’ wells. Our principal products include our Cactus SafeDrill™ wellhead systems, frac stacks, zipper manifolds and production trees that we design and manufacture. Every oil and gas well requires a wellhead, which is installed at the onset of the drilling process and which remains with the well through its entire productive life. The Cactus SafeDrill™ wellhead systems employ technology traditionally associated with deepwater applications, which allows technicians to land and secure casing strings safely from the rig floor without the need to descend into the well cellar. “.

Cactus was founded in 2011 and has 880 employees. The company is located at Cobalt Center, 920 Memorial City Way, Suite 300, Houston, TX 77024, US and can be reached via phone at (713) 626-8800. or on the web at http://www.cactuswellhead.com.

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