Platinum Energy Solutions withdraws IPO
Jan 15 (Reuters) - Oilfield services provider Platinum Energy Solutions Inc filed with U.S. regulators to withdraw its $154 million initial public offering citing current market conditions.
The company, which was to go public in February 2012, postponed its plans citing similar reasons.
Platinum Energy, which services Encana Oil & Gas (USA) Inc , had filed in September 2011 to raise up to $300 million. Two months later, it increased the IPO size to $345 million, a figure seen as a placeholder and typically used to calculate regulatory fees.
The Houston-based company subsequently cut its IPO size by more than a half amid weakening demand for commodities such as natural gas.
Morgan Stanley, J.P. Morgan, Citigroup and FBR Capital Markets were the lead underwriters for the offering.
- Qatar adamant it will host 2022 World Cup despite doubts
- Argentina's Fernandez to meet billionaire investor Soros in New York
- New Jersey hiker killed by black bear : police
- Islamic State urges attacks on U.S., French citizens, taunts Obama
- Housing data hits Wall Street; S&P has worst day since August 5 |