Frac sand producer Hi-Crush Proppants LLC opened strongly on the New York Stock Exchange yesterday, with its share price rising from $17 to $20.15 before closing at $20.
The US-based company has only been producing frac sand since finishing plant construction in June 2011 and now produces 1.6m tpa frac sand from its mine and plant in Wyeville, Monroe county, Wisconsin.
With 11.25m common share units in the IPO, Hi-Crush raised $191m.
Hi-Crush produces coarse grade Northern White sand, known as Ottawa sand, and claims it has “48.4m tonnes of proven recoverable...