ARC Financial's STEP Energy wraps up IPO, raises $100 mln
Calgary oilfield service company STEP Energy Services Inc has wrapped up its previously announced initial public offering, raising total proceeds of $100 million. As a result of the issue, the pricing of which was recently adjusted, STEP's common shares are now listed on the Toronto Stock Exchange under the symbol STEP. Based in Calgary, STEP has been backed by Canadian energy-focused private equity firm ARC Financial Corp since 2011. ARC is selling shares through the IPO's over-allotment option, which is expected to generate proceeds of up to $15 million.
2 May 2017•3 mins read
