Platinum Energy Solutions withdraws IPO

Tue Jan 15, 2013 3:54pm EST
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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.