Standard Steam Trust pulling December IPO
Ormat Steamboat Springs plant, Nevada - not related to story (source: Commons/ Wikimedia)
Alexander Richter
30 Apr 2010
Standard Steam Trust pulling IPO planned for December 2010, based on current market conditions.
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
