May 11 (Reuters) - New Source Energy Corp, which develops onshore oil and natural gas projects in the United States, withdrew its proposed initial public offering, citing unfavorable market conditions.
The company had filed with the U.S. Securities and Exchange Commission last August to raise up to $100 million.
Investor demand for IPOs, other than technology, has been weak over the past few weeks.
On Thursday, payday lender Community Choice Financial Inc also pulled back its proposed IPO, three days after it postponed its market debut due to market conditions.
Oklahoma-based New Source had applied to list its shares on the New York Stock Exchange under the symbol “NSE.”