: Kodiak Gas Services stock goes public, nearly 3% below where the IPO priced
An earlier version of this report had a mistake in the name of the company. It has been corrected.Shares of Kodiak Gas Services Inc. went public with a thud, as they opened 2.8% below where the oil and gas production equipment maker’s initial public offering price. The company raised $256 million as it sold 16 million shares at $16 each, well below the expected pricing range of between $19 and $22. The stock’s first trade was at $15.56 at 12:30 p.m. Eastern for 1.1 million shares. At that price, the company was valued at about $1.2 billion. The company went public at a time of relatively strong investor interest in IPO stocks, as the Renaissance IPO ETF IPO has rallied 15.0% over the past three months while the S&P 500 SPX has tacked on 9.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.