Permian Basin-focused Rattler Midstream LP closed its IPO of 38 million common units at $17.50 apiece, raising about $665.0 million in gross proceeds, or about $631.8 million in net proceeds.

Rattler, which owns and operates midstream assets in the Midland and Delaware basins, granted underwriters a 30-day overallotment option to buy up to 5.7 million additional units at the offering price, the company said previously. The units, representing limited partner interests in Rattler, started trading on the Nasdaq Global Select Market on May 23 under the ticker RTLR.

The units sold upon closing represent about a 25% stake in Rattler, or about 29% if the underwriters exercise their overallotment option in full, according to a May 28 news release. Rattler's general partner and the remaining 75% stake, or 71% upon full exercise of the overallotment option, are owned by parent company Diamondback Energy Inc.

Rattler said the net proceeds from the offering will be distributed to Diamondback partly to reimburse the oil and gas driller for certain capital expenditures.

Credit Suisse, Bank of America Merrill Lynch and J.P. Morgan served as lead book-running managers for the offering. Barclays, Citigroup, Goldman Sachs & Co. LLC and Wells Fargo Securities were also joint book-running managers.