Oilfield services company, Frac Tech Services, has withdrawn its proposed $690 million initial public offering (IPO), Reuters reports. The proposed IPO was expected to include share sales by stockholders.

A consortium of investors, including Singapore’s sovereign wealth fund and an Asian private equity fund, had agreed to buy a majority stake in Frac Tech in April 2011. Currently, Chesapeake Energy holds about 26% of the Texas-based company.