Smith International, Inc. (SII) said Monday that it has commenced a public offering of 28 million shares of its common stock.
The company said it has granted the underwriters a 30-day option to purchase up to 4.2 million additional shares of common stock to cover over-allotments, if any.
Smith International plans to use the net proceeds from the offering for debt repayment, general corporate purposes, and funding of potential acquisitions or investments.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.