April 11, 2012 / 10:50 PM / 7 years ago

Forum Energy upsizes IPO, prices at high end of range

(Reuters) - 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.

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.

Reporting by Aman Shah in Bangalore; Editing by Sreejiraj Eluvangal

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