Quicksilver Production withdraws $250 million IPO

By Renaissance Capital,

Shutterstock photo

Quicksilver Production Partners, which operates and acquires oil and gas properties in Texas, withdrew its plans for an initial public offering on Tuesday after Quicksilver Resources ( KWK ) reported a net loss for the fifth consecutive quarter. The company cited weak prices of natural gas liquids and the sale of a 25% stake in its Barnett Shale holdings to Tokyo Gas Co. as primary reasons for the withdrawal. The company reported a loss of $60 million for the quarter and $212 million in the past year.

The Fort Worth, TX-based company was founded in 2011 and booked $159 million in sales for the 12 months ended 3/31/2012. Quicksilver Production Partners initially filed for its IPO in February 2012. J.P. Morgan and Credit Suisse were set to be the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: KWK , QPP

More from Renaissance Capital


Renaissance Capital

Renaissance Capital

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com