Oilfield services firm Atlas Energy Solutions Inc filed for a U.S. initial public offering on Jan. 31 at a time when drilling activities around the world are picking up from pandemic lows.
Reuters was the first to report last year that the Austin, Texas-based firm was preparing for a public listing which could value it between $2 billion and $3 billion including debt. In regulatory filings, Atlas describes itself as a "leading provider of proppant and logistics services to the oil and natural gas industry within the Permian Basin of West Texas and New Mexico."
Bud Brigham, Atlas' executive chairman and CEO, founded the company in 2017. Brigham was the founder of Brigham Exploration Co. that was an early leader in cracking the Bakken code.
Atlas joins a small minority of IPO-bound firms that have chosen to proceed with their proposed listings even amid a global market rout that has prompted many startups to shelve their stock market flotation. Most recently, E&P TXO Energy Partners LP, headed by CEO Bob Simpson, launched its IPO on Jan. 30.
Energy companies were among the biggest winners of last year as the war in Ukraine piled pressure on the commodities supply chain.
Western sanctions on top energy exporter Russia tightened global supplies, forcing Europe to look for other sources for oil and gas and driving business growth as companies ramped up production to meet soaring demand.
Atlas Energy plans to float its shares on the New York Stock Exchange and expects to trade under the ticker symbol "AESI".
Goldman Sachs, BofA Securities and Piper Sandler are the lead underwriters of the offering.