Smart Sand looks to raise $100m
Published: Tuesday, 20 September 2016
Frac sand producer Smart Sand will use the proceeds from a planned IPO to repay debt and redeem outstanding preferred shares as the company looks to triple its capacity. The recent uptick in oil prices is generating increased activity in the frac sand space, but market participants have questioned whether the increase is sustainable.
Texas-based Smart Sand Inc. filed with
federal securities regulators to hold a $100m initial public
offering (IPO) on 19 September.
The company supplies around 3.3m tpa Northern White silica
(frac) sand from its existing operations...