EQT completes public offering of common stock of Kodiak Gas Services

Rhea-AI Summary

Frontier TopCo Partnership, L.P., an affiliate of funds known as EQT Infrastructure III and EQT Infrastructure IV, completed an underwritten public offering of 9,762,573 shares of Kodiak Gas Services (NYSE: KGS) on December 2, 2025.

The offering generated gross proceeds of approximately USD 335.5 million. Goldman Sachs & Co. LLC acted as underwriter. Kodiak Gas Services did not sell any shares in the offering and did not receive any proceeds from the sale.

News Market Reaction – KGS

+1.97%

+1.97% Session close to close

In the Dec 3 session, KGS gained 1.97%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement documents the completion of an underwritten secondary sale of 9,762,573 shares for...

Analysis

This announcement documents the completion of an underwritten secondary sale of 9,762,573 shares for about USD 335.5 million, with proceeds going entirely to the EQT-affiliated selling stockholder and not to Kodiak Gas Services. Recent history shows multiple similar transactions as Frontier TopCo exited its stake. Investors may focus on the resulting ownership dispersion, ongoing buyback capacity from prior filings, and how these dynamics influence trading liquidity and governance.

Key Figures

Shares offered: 9,762,573 shares Gross proceeds: USD 335.5 million

2 metrics

Shares offered 9,762,573 shares Underwritten public secondary offering completed Dec 2, 2025

Gross proceeds USD 335.5 million Total proceeds to selling stockholder from Dec 2, 2025 offering

Historical Context

5 past events · Latest: Dec 02 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 02	Secondary completion	Neutral	+2.0%	Completion of 9,762,573-share underwritten secondary by EQT affiliate.
Dec 01	Secondary pricing	Neutral	-0.0%	Pricing of 9,762,573-share secondary at $34.60 per share.
Dec 01	Secondary announcement	Neutral	-0.0%	Announcement of 9,762,573-share offering; company receives no proceeds.
Nov 24	Dual listing news	Positive	+0.8%	Dual listing on NYSE Texas while keeping primary NYSE listing.
Nov 13	Secondary completion	Neutral	-2.6%	Completion of 10,000,000-share underwritten secondary by EQT affiliate.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent secondary offerings by the EQT affiliate have produced modest single-day moves, with share-price reactions staying within a few percentage points and no consistent directional bias.

Recent Company History

Over the last month, Kodiak Gas Services has seen a series of secondary offerings by Frontier TopCo, with the company itself not issuing shares or receiving proceeds. On Nov 13, an EQT affiliate completed a 10,000,000-share offering, followed by additional 9,762,573-share transactions announced and priced on Dec 1 and completed on Dec 2. A dual listing on NYSE Texas on Nov 25 provided a separate strategic milestone. Price reactions to these events have been modest, generally within a few percent of prior levels.

Key Terms

underwritten public offering, common stock, selling stockholder

3 terms

underwritten public offering financial

"completion of an underwritten public offering (the "Offering") of 9,762,573 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

common stock financial

"public offering ... of 9,762,573 shares of common stock of Kodiak Gas Services, Inc."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

selling stockholder financial

"The Company did not sell any shares ... sold by the Selling Stockholder."

A selling stockholder is an individual or entity that owns shares of a company's stock and chooses to sell some or all of those shares to others. This often occurs when the owner wants to cash in on their investment or reduce their stake. For investors, understanding who the selling stockholder is can provide insights into potential changes in the company's ownership or market activity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• The offering resulted in gross proceeds of approximately USD335.5 million

NEW YORK, Dec. 2, 2025 /PRNewswire/ -- Frontier TopCo Partnership, L.P. (the "Selling Stockholder"), an affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV, is pleased to announce the completion of an underwritten public offering (the "Offering") of 9,762,573 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the "Company") for gross proceeds of approximately USD335.5 million. Goldman Sachs & Co. LLC acted as the underwriter for the Offering, which was completed on December 2, 2025. The Company did not sell any shares of its common stock in the Offering and did not receive any proceeds from the sale of the shares of its common stock sold by the Selling Stockholder.

Contact

EQT Press Office, press@eqtpartners.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-completes-public-offering-of-common-stock-of-kodiak-gas-services,c4276123

The following files are available for download:

https://mb.cision.com/Main/87/4276123/3821029.pdf

Press Release, EQT Infra III and EQT Infra IV, Kodiak Gas Services, 2122025

View original content:https://www.prnewswire.com/news-releases/eqt-completes-public-offering-of-common-stock-of-kodiak-gas-services-302630989.html

SOURCE EQT

FAQ

What did EQT sell in the December 2, 2025 public offering related to KGS?

EQT affiliate Frontier TopCo sold 9,762,573 shares of Kodiak Gas Services (NYSE: KGS) in the offering.

How much gross proceeds were raised in the KGS offering on December 2, 2025?

The offering resulted in approximately USD 335.5 million in gross proceeds.

Did Kodiak Gas Services (KGS) receive proceeds from the December 2, 2025 offering?

No. Kodiak Gas Services did not sell any shares in the offering and did not receive any proceeds.

Who underwrote the December 2, 2025 KGS share offering?

Goldman Sachs & Co. LLC acted as the underwriter for the offering.

Which EQT funds were affiliated with the selling stockholder in the KGS offering?

The selling stockholder was an affiliate of funds known as EQT Infrastructure III and EQT Infrastructure IV.