C&J Energy Services has sold shares worth $383 million in an initial public offering (IPO). The provider of premium hydraulic fracturing and coiled tubing services sold 13.225 million shares of its common stock at a price of $29 per share. The company seeks to use the net sale proceeds of nearly $113 million to repay all outstanding indebtedness under its credit facility and any remaining net proceeds to partially fund the purchase price of its on-order hydraulic fracturing fleets. Goldman Sachs, JP Morgan and Citigroup were the joint book-runners for the offering, while Wells Fargo Securities, Simmons & Company International and Tudor, Pickering, Holt & Company were the co-managers.

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