Ranger Energy Services completed its initial public offering of Class A common stock on August 16, 2017, raising $85 million in gross proceeds.

According to a related 8-K filing, Wells Fargo served as administrative agent for a $50 million credit facility to support the transaction.

Approximately 5.9 million shares were sold at a public offering price of $14.50 per share, representing roughly 38% of the company’s total voting power.

In conjunction with the IPO, the company closed its acquisition of assets from ESCO Leasing, adding 49 high-spec rigs to the Ranger fleet. The acquisition provides meaningful geographic diversification while adding a portfolio of high-quality clients and an experienced team.

The company has a strong balance sheet post-IPO, no bank debt, seller notes in an aggregate principal amount of $7 million issued as partial consideration for the ESCO Acquisition and approximately $20 million of borrowing capacity under the new $50 million bank facility.

Darron Anderson, Ranger’s CEO, said, “We made great progress over the past several months on the operational side of our business. The quality of our assets, service and safety performance being delivered to our customers continues to translate into increased asset utilization.

The ESCO acquisition brings a complementary high quality well-servicing fleet and strong operating team in regions where we were not operating prior – notably in the Haynesville Shale, and SCOOP and STACK plays – as well as further expanding our Permian Basin presence.”

Ranger Energy Services is an independent provider of well service rigs and associated services in the U.S., with a focus on unconventional horizontal well completion and production operations.