From PE Hub
Calgary oilfield service company STEP Energy Services Inc. has revised its recently filed initial public offering. STEP, backed by Canadian energy private equity firm ARC Financial Corp, said it will sell 10 million common shares at $10 per unit, generating about $100 million in proceeds. That amount may increase to $115 million if a greenshoe option is exercised.
STEP originally priced the offering to raise as much as $230 million. ARC, which invested in the company in 2011, will sell shares as part of the IPO. Upon its completion, ARC will remain STEP’s majority shareholder, the final prospectus shows. STEP provides coiled tubing and fracturing solutions.
