According to news from the Wall Street Journal, “Standard Steam Canada Corp. has pulled its initial public offering, citing market conditions, according to a person familiar with the planned issue.
The planned offering is the third IPO to be pulled in the last two weeks, underscoring the lack of appetite for small-caps with little earnings and/or short operational track records.
Standard Steam, a geothermal and exploration development company, had hoped to raise C$65 million with its stock to be priced at C$1.50-C$1.95 a share. The Colorado company has eight projects in three states: Nevada, Idaho and Utah. Four of the projects are in advanced stages and four are early-stage projects. In its preliminary prospectus, the company indicated its goal is to develop the portfolio into more than 1,000 megawatts of power-generating capacity.
Standard had originally planned to price its IPO in December, but pushed back the date due to tepid demand before recently deciding to pull the offer.”
Source: Wall Street Journal
