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US DRILLING SERVICES CONTRACTOR TO LAUNCH IPO ON ASX.
PERTH, March 1 Asia Pulse - US drilling services contractor Boart Longyear Ltd plans to raise up to $A2.7 billion ($US2.12 billion) through a public sale of shares and list on the Australian stock exchange.
Boart said the initial public offer (IPO) to retail and institutional investors will raise between $2.26 billion and .65 billion.
The indicative price range for the shares is $1.76 to .10.
After the IPO and listing, Boart expects to have a market capitalisation of $2.61 billion to $3.12 billion.
"This is an exciting new phase for the company," Boart chief executive Paul Brunner said.
He forecast strong demand ahead for drilling services and products.
"With the demand driven by China and India, and supply constraints becoming increasingly prevalent, we expect the strong growth in demand for drilling services and products in the mining industry to continue," he said.
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Source: HighBeam Research, US DRILLING SERVICES CONTRACTOR TO LAUNCH IPO ON ASX.