CW Petroleum, a wholesale distributor of non-branded diesel fuel and gasoline, withdrew its plans for an initial public offering on Monday. It had originally filed in June 2022 and most recently planned to raise $15 million by offering 3.2 million units at $4.75.
Because the company had planned to offer units with warrants attached and was expected to have a post-IPO market cap of less than $50 million, CW Petroleum will be excluded from Renaissance Capital's 2023 IPO stats.
The Katy, TX-based company was founded in 2005 and booked $7 million in revenue for the 12 months ended September 30, 2022. It had planned to list on the Nasdaq under the symbol CWPE. EF Hutton was set to be the sole bookrunner on the deal.
