Key insights
- Flowco Holdings Inc. (FLOC) saw 7,800,000 shares of Class A common stock sold at $22.00 per share by GEC Advisors LLC affiliates. Flowco repurchased 780,000 shares from the underwriters at the same price. The offering doesn't raise new capital for Flowco, and the share repurchase, while supporting the stock, is relatively small. The event signals a potential exit by a major shareholder, which could create temporary price pressure.
Flowco Holdings Inc. (FLOC) completed an underwritten public offering by certain affiliates of GEC Advisors LLC, who sold 7,800,000 shares of the company’s Class A common stock at $22.00 per share, according to a company statement.
The selling stockholders granted underwriters a 30-day option to purchase up to an additional 1,170,000 shares at the same price, less underwriting discounts and commissions. Flowco did not issue new shares in the offering and received no proceeds from the stock sale by the selling stockholders.
In connection with the offering, Flowco repurchased 780,000 shares of its Class A common stock from the underwriters at the same price received by the selling stockholders. The share repurchase was conducted under the company’s existing share repurchase program and was contingent upon the closing of the offering.
J.P. Morgan, Jefferies, Evercore ISI, Citigroup and Piper Sandler served as joint lead bookrunning managers for the offering. Additional underwriters included BMO Capital Markets, TPH&Co., Fearnley Securities, Pickering Energy Partners and Pareto Securities.
The Securities and Exchange Commission declared the registration statement for the securities effective under SEC File No. 333-293202. The offering was conducted through a prospectus supplement and accompanying prospectus filed with the SEC.
Houston-based Flowco provides production optimization, artificial lift and emissions management solutions for the oil and natural gas industry. The company offers equipment and technology solutions designed to help oil and gas producers maximize asset profitability and economic lifespan.