Mixed results for two of the three Houston-area companies that were planning Initial Public Offerings this week as the market turmoil takes its toll.
Cactus, a manufacturer of onshore wellheads and control equipment, priced its IPO at $19, the top end of its marketed price range of $16 to $19. It also sold slightly more shares than expected (23 million versus 21.4 million). Cactus will have a market capitalization of $1.4 billion when its shares (Ticker WHD) start trading.
Quintana Energy Services, a provider of onshore oilfield services, postponed its IPO on Wednesday. It had planned to raise $125 million.
[UPDATE: Late Thursday Quintana decided to push through their IPO at a reduced offer price of $10 per share, much lower than the marketed range of $12-15. They will begin trading on 9 February, using the ticker ‘QES’.]
No word yet on the fate of the third Houston company that was planning to go public this week (Ipsco Tubulars).