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Frank's International Increases IPO By 45%

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Frank's International (NYSE:FI), a drilling equipment provider to the oil industry, increased the size of its initial public offering, originally set at $500M, to $724.5M. The company plans to sell 30 million shares priced between $19.00 and $21.00 per share which, if priced at the midpoint, would result in a $600M IPO. Underwriters will have an option period during which they can purchase an additional 4.5 million shares to reach a total offering of 34.5 million shares. Frank's intends to use the proceeds from the offering to completely pay off its $464M debt to FWW, a Dutch company and Frank's shareholder. Last year the company earned $350.9M on $1.06B revenue. Joint bookrunners to the offering are Barclays, Credit Suisse, and Simmons & Company International.

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