By The Canadian Press, May 2, 2017
CALGARY — STEP Energy Services (TSX:STEP) says it has raised $100 million in an initial public offering, falling short of the $200 million target it set out earlier this year.
The offering illustrates how even with Canadian oil and gas services producers recovering from a two-year crude price crash, accessing capital markets can be a struggle.
Last month, Source Energy Services (TSX:SHLE) went public in the first major energy company IPO since October 2014, suggesting markets were thawing. But Source also scaled back its plans, closing a $175-million IPO after initially aiming to raise about $300 million.