"IT WAS THE BEST OF TIMES, it was the worst of times." In 2014, the energy sector rebounded from one of the sorriest quarters for initial public offerings in history by posting three of the best it's ever seen. In the end, highlighted by PrairieSky's $1.5-billion debut and Seven Generations Energy's $810-million opening act, the sector sold $3-billion worth of shares in six different IPOs, the largest total since the 2008/09 recession. And while the first quarter of 2015 saw a number of companies raise equity through private placements and bought deal financings, there weren't any private players brave enough to try and test their luck on the public market. Names like Canbriam Energy, Petrus Resources, Black Swan Energy, Teine Energy and Velvet Energy, which was said to be kicking around a $l-billion IPO earlier this year, have all so far passed on the possibility in the face of weakening commodity prices and even weaker capital markets. Time will tell if 2016 is any better for private entities looking to raise capital in an initial public offering.
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