Select Water Solutions slides after commencing $175 mln stock offering

Select Water Solutions WTTR.N shares down 6.8% at $13.25 in extended trading after equity raise news

Co, which provides sustainable water and chemical solutions to the energy industry, commences $175 mln stock offering

It intends to use net offering proceeds for general purposes, including water infrastructure growth capital projects, potential acquisitions or debt repayment

JP Morgan and BofA lead bookrunners

Gainesville, Texas-based firm has ~121.3 mln shares outstanding for about $1.7 bln market cap

Stock on Thurs finished down 1.3% at $14.22, trimming YTD gain to 35%. Shares have rallied nearly 80% over the past six months

All 6 analysts are bullish on the stock and their median PT is $16.50, per LSEG data