Frank's International shares rise 27 percent in market debut

Fri Aug 9, 2013 10:19am EDT

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(Reuters) - Shares of Frank's International NV (FI.N), a provider of drilling equipment and services to Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and ConocoPhillips (COP.N) among others, jumped as much as 27 percent in the company's market debut.

Frank's shares were trading at $26.84 shortly after the opening, valuing the company at about $4 billion.

The company raised $660 million on Thursday after pricing its offering of 30 million shares at $22 each, above the expected range of $19 to $21 per share.

Frank's business includes laying pipes into drill holes to extract oil and gas.

(Reporting by Krithika Krishnamurthy and Ashutosh Pandey in Bangalore; Editing by Ted Kerr)


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