Frank's International files for IPO of up to $500 million
(Reuters) - Frank's International N.V., which provides equipment and services to the oil and gas industry, filed with U.S. regulators to raise up to $500 million in an initial public offering of common stock.
The company, which counts Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and ConocoPhillips (COP.N) among its customers, intends to use the proceeds to repay outstanding notes.
Frank's International provides services to offshore and onshore exploration and production companies.
Barclays, Credit Suisse and Simmons & Co International are lead underwriters to the offering, the company said in a filing with the U.S. Securities and Exchange Commission. (link.reuters.com/ruj97t)
The filing did not reveal how many shares the company planned to sell or their expected price.
The company intends to list its common stock on the New York Stock Exchange under the symbol "FI".
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Roshni Menon)
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