Form 4: Frontier TopCo Sells 10M Kodiak Gas Shares

Frontier TopCo Partnership, L.P., a 10% owner of Kodiak Gas Services, Inc., sold 10 million shares of common stock in an underwritten secondary offering for $33.321 per share.

Summary

• Frontier TopCo Partnership, L.P., a 10% owner of Kodiak Gas Services, Inc. (KGS), reported the sale of 10,000,000 shares of common stock.
• The transaction occurred on November 12, 2025, as part of an underwritten secondary offering.
• The reporting person, Frontier TopCo Partnership, L.P., received $33.321 per share, which reflects the public offering price of $33.60 less certain underwriting discounts.
• Following this transaction, Frontier TopCo Partnership, L.P. beneficially owns 9,762,573 shares of Kodiak Gas Services, Inc. common stock.
• Frontier TopCo GP, LLC is the general partner of Frontier TopCo Partnership, L.P., and EQT Infrastructure III SCSp indirectly owns 100% of Frontier TopCo GP, LLC.
• EQT Fund Management S.a r.l. has management and control responsibility for investment vehicles constituting the majority of commitments to EQT Infrastructure III, and may be deemed to have beneficial ownership.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a significant sale of shares by a 10% owner, which can be interpreted as a lack of confidence or a strategic divestment.

Negatives

• A significant sale of 10,000,000 shares by a 10% owner, Frontier TopCo Partnership, L.P., could be perceived by the market as a negative signal regarding future prospects or a strategic reallocation of capital away from Kodiak Gas Services, Inc.

Related Party Transactions

• The transaction involves Frontier TopCo Partnership, L.P., a 10% owner of Kodiak Gas Services, Inc., which is typically considered a related party.

Stakeholder Impact

• Shareholders of Kodiak Gas Services, Inc. may react to the significant sale of shares by a major institutional investor, potentially influencing market perception and share price.

Key Dates

Keywords

Kodiak Gas Services, KGS, Frontier TopCo Partnership, EQT, Insider Sale, Secondary Offering, Beneficial Ownership, Common Stock, SEC Form 4