- Atlas Energy Solutions Inc. IPO price is approximately $292.9 or $338.4 million.
- Atlas Energy Solutions Inc. IPO date is March 9, 2023.
- Atlas Energy Solutions Inc. symbol is “AESI”.
- Atlas Energy Solutions Inc. stock price is $18.00/share.
Atlas Energy Solutions Inc. announced the pricing of its initial public offering of 18,000,000 shares of its Class A common stock at $18.00 per share on Friday. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “AESI” on March 9, 2023. The company granted the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of its common stock. The offering is expected to close on March 13, 2023, subject to customary closing conditions.
Atlas Energy Solutions intends to use the total net proceeds of approximately $292.9 million, or $338.4 million if the underwriters exercise in full their option to purchase additional shares of common stock, to its subsidiary, Atlas Sand Operating Company, LLC (“Atlas Operating”). The company will exchange the proceeds for limited liability company units in Atlas Operating, and Atlas Operating will further contribute the net proceeds received to Atlas Sand Company, LLC (“Atlas LLC”).
Atlas Energy Solutions is a leading provider of proppant and logistics services to customers engaged in the oil and natural gas industry within the Permian Basin of West Texas and New Mexico, the most active basin in North America. Atlas’ core mission and key focus is to maximize value for its stockholders by generating strong cash flow and allocating capital resources efficiently. The company aims to provide a regular and durable return of capital to investors through industry cycles. In pursuit of this mission, Atlas deploys innovative techniques and technologies to develop their high-quality resource base and efficient delivery of their products to customers through leading-edge solutions.
Goldman Sachs & Co. LLC, BofA Securities, and Piper Sandler acted as lead book-running managers for the offering, while RBC Capital Markets, Barclays, and Citigroup acted as book-running managers. Raymond James, Johnson Rice & Company L.L.C., Stephens Inc., Capital One Securities, Pickering Energy Partners, and Drexel Hamilton acted as co-managers for the offering.
The net proceeds received by Atlas LLC from the initial public offering are expected to fund the construction of the Dune Express conveyor system, as well as for general corporate purposes. The Dune Express conveyor system is designed to offer more efficient, cost-effective transportation of proppant from Atlas LLC’s sand mines to its customers in the Permian Basin.
The successful completion of Atlas Energy Solutions’ initial public offering marks a significant milestone for the company as it aims to further develop its business and provide its customers with the latest innovative technologies to maximize efficiency and value. The offering is expected to be well-received by investors as the company has a proven track record of generating strong cash flows and providing returns to its investors through industry cycles.