Source Energy Services completes $175M IPO

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By Ted Liu

Source Energy Services Ltd. (TSX: SHLE) has completed its proposed initial public offering (IPO), issuing 16,666,667 common shares at $10.50 per share for gross proceeds of approximately $175 million.

Source Energy Services shares have commenced trading on The Toronto Stock Exchange (TSX). Its stock opened at $10.64 and trade at $10.55 as at 10:37 AM EDT.

The underwriting syndicate was co-led by Scotiabank, Morgan Stanley Canada Limited and BMO Capital Markets and included CIBC Capital Markets, Goldman Sachs Canada Inc., Raymond James Ltd., RBC Capital Markets, Canaccord Genuity Corp., Altacorp Capital Inc., Cowen and Company, GMP FirstEnergy and Peters & Co. Ltd.

Stikeman Elliott LLP and Blake, Cassels & Graydon LLP acted as legal counsel to Source Energy Services and the underwriters respectively.

Immediately following the closing of the IPO, TriWest Capital Partner IV exercises control or direction over an aggregate of 15,377,191 common shares and 1,300,154 Class B Shares, representing approximately 31.18% of the issued and outstanding common shares and 100% of the issued and outstanding Class B Shares; and Jim McMahon, director and former EVP of Source, collectively with MFT 2 Family Trust and their affiliates own or exercise control or direction over an aggregate of 8,240,503 common shares, representing approximately 16.71% of the issued and outstanding Common Shares.

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photo credit: Source Energy Services