The stream of U.S. energy companies going public at the start of 2017 has dried up on concerns over the future direction of oil prices, but private buyers seeking mergers and acquisitions are ready to take advantage of the volatility to secure cheap deals.
Texas-based FTS International and Select Energy Services are among six U.S. energy companies that filed for listings in the first quarter but delayed, even after receiving the green light from local regulators, Thomson Reuters data showed.
Share prices for that quartet tumbled 14 % on average by March 31, according to Thomson Reuters data, as crude prices retreated to end the first quarter 6.5 % low, the biggest quarterly decline since late 2015.
Two Canadian oilfield services firms, STEP Energy Services and Source Energy, pulled their March public offerings due to adverse market conditions, further undermining the case for energy IPOs.
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