RigNet Inc. (NASDAQ: RNET) has priced its initial public offering of 5 million shares at a price of $12.00 per share. The company hooks up remote energy sites such as offshore drilling rigs with Internet and cabling communications for voice, video, fax, and data. The company also claims to be the primary remote communications provider for over 375 customers spread over more than 800 global locations in 30 countries on six continents.
Of the offering, 3.3 million shares are being sold by RigNet. Insiders are selling the rest. The last amended S-1 we saw showed that Sanders Morris Harris Group, Inc. (NASDAQ: SMHG) will hold a 13.8% stake after the offering if no overallotment shares are sold. A surprise holder is Altria Group Inc. (NYSE: MO) and it will hold 15.3% after the offering if no overallotment stake is taken.
The offering priced Tuesday night under the expected range of $14.00 to $16.00 per share. Earlier this year, it filed to sell up to about $86 million in common stock.
The underwriting syndicate includes Deutsche Bank Securities, Jefferies & Company, Oppenheimer & Co., and Simmons & Company.
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JON C. OGG
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