Clearlake’s Smart Sand prices below range, raises $129M in IPO
November 07, 2016
Raw Materials | The Woodlands, TX | IPO
Smart Sand (NASDAQ: SND), a provider of raw frac sand for the oil & gas industry, has sold 11.7 million shares at $11 apiece in its IPO, raising about $129 million in the process. The company initially announced plans to sell 9.1 million shares for between $15 and $18 each, a midpoint pricing of which would have raised more than $150 million. Clearlake Capital has backed Smart Sand since 2011; the company's stock held relatively steady Friday, closing the day down just one penny from its pricing at $10.99.