Not surprisingly, on a day when the Dow fell 1,000 points, Ipsco Tubulars decided to postpone its Initial Public Offering (IPO).
The company, based in NW Houston, manufactures drill pipe and is being spun out of Russia’s TMK. It had planned to raise $500 million by offering 23.3 million shares at a price range of $20 to $23.
The postponement follows a similar decision made yesterday by Quintana Energy Services. However another Houston company, Cactus, had better luck and completed its IPO at the top end of the range.
[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’.]
According to Renaissance Capital, 10 companies (6 US, 4 international) had planned to complete their IPO’s this week. So far, 5 have completed (only Cactus priced at the top end of the range), 4 have postponed and 1 will be decided tomorrow.