BJ Services, a leading provider of hydraulic fracturing and pressure pumping services, withdrew its plans for an initial public offering on Monday. It originally filed in July 2017 with a proposed deal size of $100 million, though we estimated it could have raised $300 million. The company had not updated its preliminary prospectus since July 2017.
BJ is backed by GE's Baker Hughes, CSL Capital Management, and Goldman Sachs. Earlier this month, BJ Services disclosed that it had secured a $200 million term loan from Great American Capital Partners.
Peers Keane Group (FRAC) and ProPetro Holding (PUMP) fell significantly in 2018, but have rebounded somewhat in 2019, up 24% and 75%, respectively, in the YTD period.
The Tomball, TX-based company was founded in 1990 and booked $216 million in sales for the 12 months ended March 31, 2017. It had planned to list on the NYSE under the symbol BJS. Goldman Sachs, Morgan Stanley and Credit Suisse were set to be the joint bookrunners on the deal.
