Fracking Provider STEP Seeks C$200 Million in Canadian IPO
- Calgary-based company aims to sell shares at C$14 to C$16 each
- Largest Canadian oil and gas IPO in more than two years
This article is for subscribers only.
STEP Energy Services Ltd., a fracking services provider, plans to raise about C$200 million ($152 million) in the biggest initial public offering in the Canadian oil and gas industry in more than two years.
The shares are expected to be sold at C$14 to C$16 a piece, giving the Calgary-based oilfields service firm a valuation of about C$802 million at the high end of the range, based on a total of 50.1 million shares outstanding, according to an updated prospectus filed with regulators Monday. It would mark the largest IPO in Canada’s oil and gas sector since Seven Generations Energy Ltd. raised C$932 million in October 2014, according to data compiled by Bloomberg. STEP is backed by Canadian private equity firm Arc Financial Corp.