On Friday Frank’s International, the 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry, will makes it stock market debut.

RMay_130711_8061
Photo by Robin May

Frank's International President and CEO Keith Mosing and his father, Donald, who was honored as LAGCOE Looey in 1997

Frank's International CFO Mark Margavio confirms to ABiz that 30 million shares of the stock will be priced between $19 and $21 Thursday and begin trading Friday. That means approximately $600,000 is expected to be raised, with the Mosing family retaining 85 percent ownership in the company — figures that put the value of the company at approximately $4 billion on the public market.

The company’s stock will be listed on the New York Stock Exchange under the symbol “FI.”

Frank's International, whose domestic headquarters are in Lafayette, ranked No. 1 on ABiz’s list of the Top 50 Privately Held Companies in Acadiana based on 2012 revenues. Last year, Frank’s generated more than $1 billion in revenues, and Securities and Exchange Commission filings show that it earned $351 million in 2012, more than double its $171 million in profits a year earlier.

A recent SEC disclosure noted a change in position for the company’s top executive in Lafayette, though it does not appear to have had any effect on the planned offering:

In the course of preparing for this offering, we became aware that Robert R. Gilbert, who served as our Executive Vice President and Chief Operating Officer—U.S. Services and Pipe and Products, misstated his educational credentials. Specifically, though he completed approximately 30 hours of coursework, Mr. Gilbert did not actually obtain a Masters of Business Administration degree. As a result of this discovery, Mr. Gilbert resigned from his position and has agreed to accept a non-executive role with the company and will no longer serve as an executive officer. Accordingly, our management and compensation disclosures reflect that Mr. Gilbert is no longer one of our executive officers. See “Management,” “Compensation Discussion and Analysis” and “Executive Compensation.” We do not believe that Mr. Gilbert’s misstatement about his educational credentials has any bearing on the accuracy of our disclosure or the integrity of our operations and management.

In addition, Mr. Gilbert will not enter into a new employment agreement and instead will continue under his existing employment agreement with the Company.

Money raised from the IPO will be used to pay off debt and for expansion. Read more about Frank's success and how President and CEO Keith Mosing says the IPO will help expand the company's Lafayette operations here.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

feed-image RSS Feed
Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.79 ▼0.07 (-0.31%)
o Frank's International 17.23 ▲0.21 (1.23%)
o IberiaBank Corp 68.86 ▲1.46 (2.17%)
o LHC Group 24.35 ▲0.03 (0.12%)
o MidSouth Bancorp 18.94 ▼0.21 (-1.10%)
o Petroquest Energy 4.70 ▲0.34 (7.80%)
o PHI Inc. 42.82 ▼0.17 (-0.40%)
o Superior Energy 25.15 ▲0.17 (0.68%)
o Stone Energy 24.50 ▲0.26 (1.07%)
o Facebook Inc. 74.99 ▲0.88 (1.19%)
o Twitter Inc. 41.47 ▼0.33 (-0.79%)
o Gannett 31.50 ▲0.34 (1.09%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.79 Trade time:4:00PM EDT Value change:▼0.07 (-0.31%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:17.23 Trade time:4:02PM EDT Value change:▲0.21 (1.23%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:68.86 Trade time:4:00PM EDT Value change:▲1.46 (2.17%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:24.35 Trade time:4:00PM EDT Value change:▲0.03 (0.12%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:18.94 Trade time:4:04PM EDT Value change:▼0.21 (-1.10%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:4.70 Trade time:4:02PM EDT Value change:▲0.34 (7.80%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:42.82 Trade time:3:25PM EDT Value change:▼0.17 (-0.40%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:25.15 Trade time:4:02PM EDT Value change:▲0.17 (0.68%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:24.50 Trade time:4:06PM EDT Value change:▲0.26 (1.07%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:74.99 Trade time:4:00PM EDT Value change:▲0.88 (1.19%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:41.47 Trade time:4:01PM EDT Value change:▼0.33 (-0.79%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:31.50 Trade time:4:04PM EDT Value change:▲0.34 (1.09%)
Advertisement

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement