(Bloomberg) -- Oil services firm ProFrac Holding Corp. raised $288 million in an initial public offering, pricing its shares below a marketed range as new listings in the US continue to fall short of goals.

The listing comes as investors are reeling from falling share prices, and as Russia’s invasion of Ukraine continues to rattle global energy markets. Last week, contact lens maker Bausch + Lomb Corp. fell short of its fundraising goals in the second-biggest US IPO of the year.

ProFrac, based in Willow Park, Texas, sold 16 million shares Thursday for $18 each after marketing them for $21 to $24, according to a statement. The company, also with locations in Oklahoma and Pennsylvania, provides pumps and other services for hydraulic fracturing with a focus on low-emission gear, including some with electric motors.

The market for oilfield services in North America is growing hotter as Russia’s war tightens global crude supplies. Last month Halliburton Co., the biggest provider of fracking work, predicted North American explorers would boost spending by 35% this year, up from a pre-war forecast of 25%.

Price Bust

Often the first to feel the pain in a oil-price bust and the last to benefit from a boom, oilfield servicers are looking to cash in on the global energy rally after many were forced into bankruptcy during the coronavirus pandemic. Schlumberger, the world’s biggest oil-services provider, has said the energy industry is on pace to repeat or surpass the heady days of 2008, when crude topped $145 a barrel and drilling profits soared.

While ProFrac doesn’t have any direct business in Russia or Belarus, it cautioned in its filings with the US Securities and Exchange Commission that further sanctions against those countries could affect its finances and operations. Meanwhile, the company notes that it’s benefiting from the price jump in oil and natural gas.

Dan Wilks and Farris Wilks, who founded ProFrac in 2016, will control about 85% of the voting power in the company after the listing.

ProFrac’s offering is being led by JPMorgan Chase & Co., Piper Sandler and Morgan Stanley. The company plans for its shares to begin trading Friday on the Nasdaq Global Select Market under the symbol PFHC.

The listing is the fourth-biggest in the US this year and its first day of trading could help set expectations for dozens of businesses seeking to go public.

Bausch + Lomb, the first of two businesses being spun out by Bausch Health Cos. to help pay off tens of billions in debt, was seen as a test of whether a stable, profitable business could help break the ice. Instead of raising as much as $840 million, its IPO brought in only $630 million.

Solta Spinoff

Bausch Health is also planning to spin off its Solta Medical skin-care unit. Bausch Health, which is keeping its core pharmaceutical operations, had about $23 billion in total debt as of Dec. 31. Solta submitted its IPO filing to the SEC in February but hasn’t moved ahead with proposed terms for its share sale.

Excluding blank-check firms, Bausch + Lomb’s offering is topped in the US this year only by private equity firm TPG Inc., whose shares have fallen 11% since its $1.1 billion listing in January.

New filings for IPOs have started to trickle in. On Wednesday, Instacart Inc., the largest online grocery delivery platform in the US, said it confidentially submitted its IPO registration to the SEC. Steinway Musical Instruments Holdings Inc., the storied grand piano maker, filed its listing document last month.

Others, such as yogurt maker Chobani Inc. and social media platform Reddit Inc., have been waiting to move ahead with their IPO plans. Chobani filed publicly with the SEC in November. Reddit, which said in December that it had filed confidentially with the SEC, hasn’t moved ahead with a public filing yet.

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