Cisco, TX-based Frac Tech Services Inc. has filed with the U.S. Securities and Exchange Commission for an initial public offering of common stock to raise up to $690 million. The company said it intends to apply to list its shares on the New York Stock Exchange.

Chesapeake Energy Corp. has a 26% stake in the company and is a customer along with Petrohawk Energy Corp., XTO Energy Inc. and Range Resources Corp. In October Marcus Rowland, formerly Chesapeake CFO, became president of Frac Tech (see Shale Daily, Oct. 14).

The company's operations are focused on the Haynesville Shale in northwestern Louisiana and East Texas, the Marcellus Shale in the Appalachian Basin in Pennsylvania and West Virginia, the Eagle Ford Shale in South Texas and the Permian Basin in West Texas and southeastern New Mexico, according to the filing.

"We are benefiting from a number of positive industry developments, including a dramatic increase in the amount and efficiency of horizontal drilling activity, an increase in the number of hydraulic fracturing stages per well and an increase in drilling activity in oil- and liquids-rich shale formations," the company said in its filing. "These trends have led to increased asset utilization in our industry and a tight supply of fracturing fleets, proppants and other fracturing-related services and products. We also believe there is growing international interest in horizontal drilling and fracturing methods, and we intend to evaluate these opportunities as they arise."

Frac Tech said it is considering deploying fleets in the Bakken Shale in North Dakota and Montana, the Niobrara Shale in Colorado, Wyoming and Nebraska and various areas in Oklahoma, including the Granite Wash. "We expect to add two additional [hydraulic fracturing] fleets this year and a total of 12 new fleets with an aggregate horsepower of approximately 455,000 by the end of 2011," the company said.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citi, Morgan Stanley & Co. Inc. and RBC Capital Markets will act as joint book-running managers of the offering.