Less refinement in Philly: Philadelphia Energy Solutions withdraws $250 million IPO

Philadelphia Energy Solutions, a Carlyle-backed owner of two crude oil refineries and a rail terminal in Philadelphia, withdrew its plans for an initial public offering on Wednesday. It had set terms to raise $250 million in August 2015, but postponed the offering.

The Philadelphia, PA-based company was founded in 2012 and booked $12.2 billion in revenue for the 12 months ended March 31, 2015. It had planned to list on the NYSE under the symbol PESC. BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Barclays, Jefferies and J.P. Morgan were set to be the joint bookrunners on the deal.