Atlas Energy Solutions Inc said on it raised $324 million in the first initial public offering by a U.S. fracking sand provider since 2016. Atlas priced 18 million shares at $18 apiece, compared with its prior estimate of $20 to $23. Atlas’ offering marks a bright spot at a challenging time for IPOs, after Russia’s invasion of Ukraine in February 2022 sparked persistent market volatility that has
dissuaded many stock market hopefuls from going public. A rally in energy prices has favored companies in the sector such as Atlas. The IPO shows that Wall Street’s appetite for fossil fuel assets remains strong even as investors grow more concerned about environmental, social and corporate governance (ESG). A busy IPO week in February offered hope to companies planning to go public, as solar tech firm Nextracker Inc raised $638 million in this year’s largest U.S. deal. But advisors remain cautious after stocks sold off in recent weeks.
Nextracker, founded by entrepreneur Brigham Ben (“Bud”) Brigham in 2017, mines, refines and transports sand used by shale drillers to help break apart rock and release hydrocarbons, a process known as hydraulic fracturing or fracking. Last year that Atlas was preparing for an IPO which could value the company at $2 billion to $3 billion. The New York Stock Exchange will begin accepting orders for Atlas shares under the ticker "AESI." The principal underwriters for the IPO are Piper Sandler, BofA Securities, and Goldman Sachs & Co.
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