Oklahoma City-based Mammoth Energy Services Inc., one of two U.S. onshore operators to launch on Nasdaq last week, raised $116 million in its debut, despite dropping almost 12% in its first day of trading.

The oilfield services (OFS) operator, which now works mostly in the Utica Shale and Permian Basin, was one of two U.S. oil and gas firms to launch last week and the first OFS to debut since August 2014. Denver-based Extraction Oil & Gas LLC last week climbed 15% in its first trading day and is the first exploration and production company to debut also in almost two years (see Shale Daily, Oct. 12).

Mammoth, which trades under “TUSK,” had priced 7.75 million shares at $15/share, the low end of the expected range ($15-18), and it sold 7.5 million shares with net proceeds of $103.2 million. The remainder of the shares were sold by stockholders; underwriters also have a 30-day option to sell another 1.163 million shares at $15/share. The stock closed at $13.26/share on Friday, but inched up Monday, ending at $13.87.

CEO Arty Straehla said the company would have the cash to “buy additional equipment,” and “have opportunities for consolidation.”

Most of Mammoth’s revenue (71%) in 2015 came from customers led by Gulfport Energy Corp., whose primary operations are in the Utica Shale and along the Gulf Coast. The other top four customers last year were EQT Production Co., Japan Canada Oil Sands Ltd., RSP Permian LLC and Bantrel Co. The top five customers in the first six months of this year, representing 80% of total revenue, were Gulfport, Rice Energy Inc., Japan Canada Oil Sands, Hilcorp Energy Co. and Taylor Frac LLC.

Mammoth, financed initially by private equity Wexford Capital Inc., said in its prospectus filed with the U.S. Securities and Exchange Commission that as commodity prices recover, activity has been increasing in the onshore (see Shale Daily, Sept. 8). The pressure pumping services business was launched in October 2012 with 14 fracturing units capable of delivering a total of 28,000 hp.

As of August, Mammoth’s business consisted of three fleets with an aggregate 64 units capable of delivering 128,000 hp. It currently operates facilities and service centers in Texas, Appalachia, Oklahoma and the oilsands in Alberta.