U.S. oil and natural gas company Vantage Energy Inc said it has postponed its initial public offering of common shares, citing unfavorable market conditions.
Vantage was expecting the offering of 23.6 million shares to be priced between $24 to $27 per share, valuing the company at up to $1.95 billion, according to a filing with the U.S. Securities and Exchange Commission earlier this month.
The IPO would have raised up to $637.2 million, at the upper end of the price range.
Vantage will continue to evaluate the timing for the proposed offering, the company said in a statement on Wednesday.
Vantage, focused on the Marcellus shale in the Appalachian Basin and the Barnett shale in Texas, counts private equity firms Quantum Energy Partners, Riverstone Holdings and Lime Rock Partners among its stockholders.
The company’s production volumes increased 14.2 percent to 4,559 million cubic feet equivalent for the three months ended June 30, from a year earlier.
Vantage’s customers include Sequent Energy, Texas Energy Management and Devon Gas Services and operates more than 1,000 drilling locations.
The Englewood, Colorado-based company was planning to list its common stock on the New York Stock Exchange under the symbol “VEI” and counts Barclays and Goldman Sachs among underwriters for the IPO.
(Reporting by Amrutha Gayathri in Bangalore; Editing by Lisa Shumaker)