Halliburton's subsidiary KBR Inc. raised $473 million with an initial public offering
Halliburton's subsidiary KBR Inc. raised $473 million on Wednesday with an initial public offering that was priced at the top of a forecast range.
The 27.84 million share offering, which represents about a 17 percent stake in the company, sold for $17 per share, compared with a $15 to $17 forecast.
The pricing gave the company an initial market capitalization of almost $2.8 billion.
The company plans to use net proceeds from the offering to repay debt and for general corporate purposes.
All of KBR's outstanding common stock was owned by Halliburton. After the IPO, Halliburton will own about 83 percent of its common stock, according to a filing with the Securities and Exchange Commission.