ECM Energy Services, a rental company specializing in services to oilfield companies, is preparing an initial public offering and is expected to price this week on the New York Stock Exchange, the Phoenix Business Journal is reporting. The company, to be listed under the symbol ECME, is expected to raise $20 million by offering 2.5 million shares of stock priced between $7 and $9.
A NASDAQ description said ECM would command a market value of about $30 million.
The company focuses on rentals to natural gas and oil fields, also supplying water trucks and truck escort vehicles, throughout the United States. The executive offices are in Scottsdale, Ariz. The company is led by former RSC Equipment Rental executive Kevin Groman.
ECM has seven facilities in oil and gas shale areas, including Ohio, Pennsylvania, West Virginia, Oklahoma, Kansas, Texas and New Mexico. ECM had about $33 million in revenue in 2013 and will be listed on the soon-to-be-released 2014 RER 100.