ARC Financial-backed STEP Energy files for initial public offering
Calgary oilfield service company STEP Energy Services Ltd has filed with most Canadian securities commissions for an initial public offering of its common shares. The offering, which has not yet been priced, will include a secondary sale on behalf of certain investors, including Canadian energy private equity firm ARC Financial Corp, the company's prospectus said. STEP, a provider of coiled tubing and fracturing solutions, was founded in 2011 with a $75 million investment from ARC. Last year, the company bought the assets of energy service provider Sanjel Corp, which was then under court protection from creditors.
10 February 2017•3 mins read
