Frank's Int. raises IPO size by nearly half to up to $724.5 mln

July 29 Mon Jul 29, 2013 7:39am EDT

July 29 (Reuters) - Frank's International N.V., which provides drilling equipment to Chevron Corp, Exxon Mobil Corp and ConocoPhillips, increased the size of its initial public offering by about 45 percent to up to $724.5 million.

The company now expects to sell 34.5 million shares, including underwriters option, at between $19 and $21 per share, Frank's International said in a filing with the U.S. Securities and Exchange Commission.()

The company filed in May to raise up to $500 million.

Frank's International, which provides services to offshore and onshore exploration and production companies, has been approved for listing on the New York Stock Exchange under the symbol "FI."

The company posted a net income attributable to common stockholders of $350.9 million on revenue of $1.06 billion in 2012.

Barclays Capital, Credit Suisse Securities and Simmons & Company International are acting as representatives of the 13 underwriters to the offering.

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.


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