Aker Drilling IPO Sold at Bottom of Range

Source: Reuters 2/21/2011, Location: Europe

Norwegian maritime conglomerate Aker ASA sold shares in its Aker Drilling unit at 19 crowns each, the bottom of its earlier range, raising 3.6 billion crowns ($635 million).

The initial public offering values Aker Drilling at 5.4 billion crowns, excluding a potential 10 percent over-allotment option.

Group company Aker Capital will retain a 40.8 percent stake in Aker Drilling. Institutional investors took 97.4 percent of the shares in the IPO, while 2.6 percent went to retail investors and employees.

Shortly before bookbuilding closed, Aker said the IPO was oversubscribed in the price range 19 to 22 crowns, the lower end of its earlier indicated range of 19 to 27 crowns.

A flotation on the Oslo Stock Exchange will help Aker's drilling subsidiary expand operations as high oil prices push up demand for exploration and other oilfield services.

Other offshore contractors raising cash to build rigs or take part in mergers and acquisitions include Oslo-listed rig group SeaDrill, which is spinning off its harsh-weather fleet in a private placement.

It is to be the latest in a wave of listings in Norway, led by the $2 billion sale of shares in insurer Gjensidige in December and Statoil's $800 million spin-off of its fuel and retail arm in October.

Aker Capital has agreed not to sell shares in Aker Drilling for at least a year from the first day of trading on the Oslo bourse, which is Feb. 25.

The advisers for the IPO were Arctic Securities, DnB NOR Markets, Pareto Securities and RS Platou Markets.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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