Forum Energy Technologies, Inc. announced that it has priced its initial public offering of about 18.95 million shares of its common stock at $20.00 per share.
The shares are expected to begin trading on the New York Stock Exchange on April 12, 2012 under the ticker symbol "FET." The Company is selling 13.89 million shares of its common stock and the selling stockholders named in the registration statement are selling 5.06 million shares of the Company's common stock. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2.84 million shares of the Company's common stock. The offering is expected to close on April 17, 2012, subject to customary closing conditions.
The company said that it intends to use the net proceeds of approximately $258 million to repay outstanding borrowings under the revolving portion of its credit facility. The Company will not receive any proceeds from the sale of shares by the selling stockholders.
by RTT Staff Writer
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