Mammoth Energy Services Inc. became Oklahoma’s newest publicly traded company on Monday when it launched an initial public offering worth $116 million to $140 million, according to a report by The Oklahoman.
Mammoth Energy Services is a wholly owned subsidiary of Oklahoma City-based Mammoth Energy Partners LP. The company has previously attempted to transition from being privately held to a publicly traded company. Most recently, a similar $100 million IPO was filed in September 2014 but withdrawn by May 2016.
Mammoth said it planned to sell 7.75 million shares at $15 to $18 a share in the IPO filed on Monday. The company said it will list its common stock on the NASDAQ Global Exchange under the symbol “TUSK.”
An oilfield services company with operations in the Utica Shale and Permian Basin, Mammoth focuses on providing hydraulic fracturing services. The company also provides sand for fracking services. It owns 13 drilling rigs.
Mammoth was formed after acquiring several small oilfield services firms.
According to the prospectus, chairman of Mammoth Energy Services is Arty Straehla, 62, who became the company’s chief executive officer in February 2015. Straehla was previously employed as the chief executive officer of Serva Group LLC, an oilfield equipment manufacturer, as well as Diamondback Energy Services Inc.
According to the IPO, Mammoth has 500 employees as of August 1, 2016. Mammoth’s principal offices are located at 4727 Gaillardia Parkway, Suite 200 in Oklahoma City.
