ARC Financial-backed STEP Energy seeks $200 mln from IPO

STEP Energy Services, a Calgary oilfield service company, has priced its recently filed initial public offering. STEP, backed by Canadian energy private equity firm ARC Financial Corp, said in an updated prospectus it planned to sell common shares at $14 to $16 per unit, generating about $200 million in proceeds. That amount may increase to $230 million if a greenshoe option is exercised. More than half the offering's proceeds will go to selling shareholders, including ARC, which holds a controlling stake in the company.

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