Platinum Energy Solutions, which provides fracturing services used in unconventional oil and gas drilling, postponed its IPO on Thursday citing poor market conditions. Platinum's closest peers have significantly underperformed the market over the past year, in part due to weak natural gas prices. Recent debuts from Matador Resources (MTDR), an oil and gas E&P, and U.S. Silica (SLCA), a major producer of fracking sand, have disappointed, trading down 4% and 7% from their IPO prices, respectively. Morgan Stanley, J.P. Morgan, Citi and FBR Capital Markets were set to be the lead underwriters on the deal.
