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IPO Watch: Energy Company STEPs Back As Oil Drops

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Calgary-based energy company STEP Energy Services Ltd., has reportedly postponed its planned initial public offering after oil prices dropped.

Last month, the fracking service provider had filed for its IPO as oil industry was recovering from a long collapse in prices.

STEP Energy filed the preliminary prospectus making it the first company in the Canadian oilpatch to go public since Northern Blizzard Resources Inc. raised $500 million through an IPO in August 2014.

STEP had originally expected to raise about C$200 million in its IPO. However, the company earlier lowered its price range to C$10 to C$12 per share from earlier expectation of C$14 to C$16 per share, according to a Bloomberg report citing people familiar with the matter.

Canadian Imperial Bank of Commerce and Raymond James were leading the sale.

Oil prices fell below $48 a barrel after Saudi Arabia raised its production back above 10 million barrels a day.

by RTT Staff Writer

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