Turns Out, “FRAC” IPO Was A Bad Idea. Who Knew?

Back on February 9, I said the following about the upsurge in shale equity offerings we witnessed in January:

In a sign of the times, a fracking company was the first US IPO in 2017, as Keane Group, a Houston-based provider, raised $508.4 million on January 20.

The ticker: FRAC. No, seriously:

“The public equity markets are looking to invest in pure-play completion companies with a footprint and a growth story,” Keane’s CEO James Stewart told Bloomberg in a phone interview after the IPO.

I mean, come on folks. Are people really this gullible?

Well, fast forward four weeks and I have a question for Mr. Stewart: “what say you now sir?”…

FRAC

Oh, and just for fun, here’s Citi on February 28…

Citi

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