Blank-check co. led by former Schlumberger, Weatherford execs files for $300M IPO
Sentinel Energy Services Inc. is the latest special purpose acquisition company — commonly called a blank-check company — to file for an initial public offering in Houston, and it has some major energy executives at the helm.
Sentinel, which is incorporated in the Cayman Islands but has its main offices in Houston, plans to offer 30 million units priced at $10 each. Underwriters also will have a 45-day option to purchase up to an additional 4.5 million units.
Citigroup and Goldman Sachs & Co. LLC are serving as underwriters, according to Sentinel’s filing with the U.S. Securities and Exchange Commission. The company has applied to list its units on the Nasdaq Capital Market under the symbol “STNLU.”
As a blank-check company, Sentinel was formed to acquire or otherwise combine with one or more businesses. Although Sentinel might pursue a business in any industry, it’s particularly focused on finding one in the energy services and equipment sector.
“Our management believes this area of focus represents a favorable and highly fragmented market opportunity to consummate a business combination,” Sentinel said in its filing.