Local service company's IPO priced Friday morning at $26, higher than the expected range.
Photo by Robin May
Frank's International President and CEO Keith Mosing
[Update: After underwriters exercised in full their option to buy, Frank's net proceeds were about $712 million.]
Frank's International debuted Friday on the New York Stock Exchange, with share prices continuing to rise over expectations.
The Wall Street Journal reported that as of late Thursday, Frank's International's 30 million shares - listed on the NYSE under the symbol "FI" - sold at $22 each, with $660 million raised before the potential sale of additional shares to underwriters.
As ABiz reported Wednesday, that is slightly higher than the expectations of Frank's CFO Mark Margavio, who estimated the shares would fetch between $19 an $21.
The WSJ also noted that the deal was the largest of six IPOs slated to price late Thursday, the most, according to Dealogic, on a single night since May 8.
With the opening of the market this morning, the company's share price continued rising, jumping to as high as $28.60 per share before leveling off later in the morning to $26.
Frank's International ranked No. 1 on ABiz's list of the Top 50 Privately Held Companies in Acadiana based on its 2012 revenues.