Innovex Downhole Solutions, which provides engineered well products for the oil and natural gas industry, withdrew its plans for an initial public offering on Tuesday. It originally filed in January 2024 with a proposed deal size of $100 million.
In March, Innovex announced that it planned to merge with drilling equipment maker Dril-Quip (NYSE: DRQ).
The Humble, TX-based company was founded in 2016 and booked $550 million in revenue for the 12 months ended September 30, 2023. It had planned to list on the NYSE under the symbol INVX. Goldman Sachs, Piper Sandler, J.P. Morgan, Barclays, Evercore ISI, Citi, Johnson Rice & Co., and Pickering Energy Partners were set to be the joint bookrunners on the deal.
