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Frank's International shares surge after IPO

[August 10, 2013]  NEW YORK (AP) -- Shares of oil and gas services company Frank's International NV are surging in their debut on the New York Stock Exchange.

The company's IPO had been priced above expectations. Frank's sold 30 million shares for $22 per share, and the company said it will receive $618.6 million in proceeds after expenses and discounts.

Its shares rose $4.85, or 22.6 percent, to $26.85 in morning trading after rising as high as $28.60 earlier.

The Dutch company provides tubular services to the oil and gas industry. Its shares are trading under the ticker symbol "FI" on the NYSE.

The company said it will use the proceeds of its IPO to repay more than $400 million in notes held by FWW BV, which owns most of its shares. The remaining proceeds will be used for general corporate purposes.

[Associated Press]

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