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