Source Energy Services Ltd., a portfolio company of TriWest Capital Partners, said its proposed initial public offering is being postponed due to current adverse capital market conditions.
Source Energy Services said its preliminary prospectus filed with securities commissions or similar authorities in all of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment.
Source Energy Services Ltd. has intended to raise $300 million by way of a treasury offering of $275 million and a secondary offering of $25 million by selling shareholder at a price between $14 and $20 per share. Source Energy Services would be valued at $902 million at $20 per share.
Selling shareholders include TriWest Capital Partners, Sand Ventures, Source Energy Services New Partners Investment, Jim McMahon and McMahon Family Trust.
TriWest Capital Partner IV acquired Source Energy in October 2013 for undisclosed amount.
RELATED:
TriWest’s Source Energy Services prices $300M IPO
TriWest’s Source Energy Services files for IPO
photo credit: Source Energy Services