RigNet IPO Backers Buy More Shares

By Houston Business Journal

RigNet Inc.â¿¿s initial public offering has received a $9 million boost with the sale of additional shares.

Underwriters of the Houston oil rig telecommunications providerâ¿¿s $60 million IPO in December 2010 exercised their over-allotment option in full, purchasing an additional 500,000 shares from RigNet and an additional 250,000 shares from selling stakeholders at $12 per share.

The sales make a total offering of 5.75 million shares sold, 3.83 million by RigNet and 1.91 million from selling stakeholders.

The over-allotment is expected to close Jan. 6.

RigNet (NASDAQ: RNET) is a portfolio company of SMH Private Equity Group, a division of Sanders Morris Harris Group (NASDAQ: SMHG).

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/05/rignet-ipo-backers-buy-more-shares.html?ana=thestreet

Copyright bizjournals.com 2010

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