EQT affiliate completes $335.5 million Kodiak Gas Services stock offering

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

The offering generated gross proceeds of approximately $335.5 million for the selling stockholder. Goldman Sachs & Co. LLC served as the underwriter for the transaction.

Kodiak Gas Services did not sell any shares in the offering and received no proceeds from the sale of shares by the selling stockholder, according to the press release statement.

The transaction represents a secondary offering where existing shareholders sold their stake rather than the company issuing new shares to raise capital for operations or expansion.

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