Platinum Energy Solutions officially withdraws IPO

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Platinum Energy Solutions, which provides fracturing services used in unconventional oil and gas drilling, withdrew its plans for an initial public offering on Tuesday citing poor market conditions. The Houston, TX-based company was founded in 2010 and booked $14 million in sales for the 12 months ended 9/30/2011. Morgan Stanley, J.P. Morgan, Citi and FBR Capital Markets were set to be the joint bookrunners on the deal.

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This article appears in: News Headlines , IPOs


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