* Co will have a market value of $1.68 bln at IPO price
* Shares to begin trading on Thursday on NYSE under "FET"
April 11 Oilfield services company Forum Energy
Technologies sold more shares than planned in its initial public
offering, at the high end of its expected price range.
The IPO of 18.9 million shares was priced at $20 per share.
Forum Energy sold 13.9 million shares in the IPO. The
remaining shares were sold by private equity firm SCF Partners,
which will continue to retain a controlling interest in the
company after listing.
The company had earlier expected an offering of 15.8 million
shares priced at between $18 and $20 apiece. [ID:nL3E8ET52B
Forum Energy, which raised about $277.8 million in proceeds
from the offering, had first filed with the U.S. Securities and
Exchange Commission to raise up to $300 million, in September
last year. It then raised the proposed size of its IPO to $345
million a month later.
Forum Energy has a market value of close to $1.68 billion at
the IPO price.
The shares are expected to start trading on Thursday on the
New York Stock Exchange under the symbol "FET".
JP Morgan, BofA Merrill Lynch, Credit Suisse, Citigroup and
Deutsche Bank Securities acted as representatives of the
underwriters to the offering.
As the company intends to use part of the proceeds to repay
debt to affiliates of some of the underwriters, Financial
Industry Regulatory Authority (FINRA) regulations required the
offering to have a qualified independent underwriter.
Tudor, Pickering, Holt & Co acted as the independent
underwriter in the offering.