Flowco’s Owners Prepare to Take Oilfield Services Firm Public in 2025, Sources Say

The private equity owners of Flowco have kicked off preparations for an initial public offering of the oilfield services provider that could value it at as much as $2 billion and come as early as the first half of 2025, according to people familiar with the matter.

Jefferies, JPMorgan Chase and Piper Sandler have been tapped as the lead underwriters for the stock market flotation, the sources said, cautioning that the timing and the size of the deal were subject to market conditions.

Flowco has filed confidentially with U.S. regulators for its IPO, the sources said, requesting anonymity to discuss private information. A confidential submission of paperwork allows companies to make preparations for their flotations away from the glare of public-market investors.

Flowco was created recently by a three-way merger between oilfield services providers specializing in services that help improve the rate of oil and gas extraction from wells. In June, its owners Global Energy Capital and White Deer Energy struck a deal to combine Flowco Production Solutions, Estis Compression and Flogistix.

Global Energy, White Deer, Flowco and Jefferies did not respond to requests for comment. JP Morgan and Piper Sandler declined to comment.

The planned stock market launch from Flowco would come at a time when the U.S. oil and gas industry continues to face scrutiny over the adverse impact of fossil fuels on the environment – something that has deterred some investors from putting cash into such companies.

That, however, has not deterred oil and gas companies from pursuing stock market launches, as higher crude prices over the last two years have boosted the performance of energy producers. In turn, this has supported those firms that supply services to them, such as Flowco.

Natural gas producer BKV priced its offering last week, raising $270 million. Oilfield services firms HMH Holding, Hornbeck Offshore Services and PHI Group are also preparing for potential stock market launches in the coming months.

(Reporting by David French in New York; Editing by Mark Porter)