(Bloomberg) -- Atlas Energy Solutions Inc. sunk in its trading debut after raising $324 million in an initial public offering priced below a marketed range.

Shares of the oilfield services company fell 5.8% from their IPO price to $16.95 Thursday in New York trading, giving the company a market value of about $1.7 billion. Atlas Energy sold 18 million shares Wednesday for $18 each, after marketing them for $20 to $23.

The IPO is still the second-biggest on a US exchange this year, topped only by the upsized $734 million listing last month by solar power equipment maker Nextracker Inc. That listing is one of the few bright spots in what has been the slowest start to a year since 2016, according to data compiled by Bloomberg.

Austin-based Atlas operates primarily in the Permian Basin of West Texas and New Mexico, providing proppant, sand used in fracking to keep the underground fractures from closing. The predecessor of the company had net income of $217 million on revenue of $483 million last year, compared with net income of $4.3 million on revenue of $172 million a year earlier, according to its filings with the U.S. Securities and Exchange Commission.

Executive Chairman and Chief Executive Officer Ben “Bud” Brigham, who founded Atlas in 2017, will continues to control it through almost 80% of the shareholding voting power. Atlas is the third company Brigham has taken public, starting with Brigham Exploration Co., which he founded in 1990.

The Atlas offering was led by Goldman Sachs Group Inc., Bank of America Corp. and Piper Sandler Cos. The company’s shares are trading on the New York Stock Exchange under the symbol AESI.

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