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Oil and gas E&P services provider Frank's International sets terms for $600 million IPO
By: Renaissance Capital
Frank's International, a global provider of tubular services to leading oil and gas E&P companies, announced terms for its IPO on Monday. The Amsterdam, Netherlands-based company plans to raise $600 million by offering 30 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Frank's International would command a fully diluted market value of $4.1 billion, including restricted stock units to be granted to executives on the offering. Frank's International, which was founded in 1938 and booked $1.1 billion in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol FI. Barclays, Credit Suisse and Simmons & Co. are the joint bookrunners on the deal.