Flotek Industries Inc. entered into definitive subscription agreements with investors concerning the private placement of common shares for about $30 million in gross proceeds, the company said July 27, which is the private placement’s targeted closing and funding date.

Flotek is offering about 2.45 million common shares priced at $12.52 each.

The proceeds will fund Flotek’s acquisition of International Polymerics Inc. and will also repay debt under the secured credit facility and support general corporate purposes.

Flotek Industries Inc. is based in Houston.