(Finance) – Innovex Downhole Solutions has filed a document with the United States Securities and Exchange Commission (SEC) for a initial public offering (IPO). The number of shares to be offered and the price range for the proposed offering have not yet been determined. Innovex has applied to list its common stock on the New York Stock Exchange (NYSE) under the symbol “INVX.”
Innovex designs, produces, sells and rents mission-critical engineered products for the global oil and natural gas industry.
This is a company born in 2016 from the combination of three companies with a long operational history. His revenues they grew from approximately $97.9 million in 2016 to $467.2 million in 2022, at a CAGR of approximately 30%. In 2022, net income, operating income and adjusted EBITDA were equivalent to approximately 14%, 16% and 22% of revenues, respectively.
Innovex has sold products in approximately 65 countries. The US and Canadian onshore market accounted for approximately 71% of revenues in 2022, while international and offshore markets made up 29%.
“We believe we can create value for our shareholders across the industry cycle and believe our ‘through the cycle playbook’ has helped us outperform in all market environments – reads the prospectus – We prioritize protecting the long-term health of the company through investments in research and development (R&D) and by supporting engineering in our existing portfolio in all market environments. We seek to maintain a conservative balance sheet to preserve operational and financial flexibility throughout the industry cycle.”
Amberjack Capital Partners and the main shareholder of society. It is a specialist private equity investor that provides growth capital and strategic assistance to manufacturing and services companies operating in energy, industrial and infrastructure end markets.