CHC Group, which is the world's largest commercial helicopter operator for the offshore oil/gas industry, lowered the proposed deal size for its upcoming IPO on Thursday. The Richmond, Canada-based company now plans to raise $382 million by offering 29.4 million shares at a price range of $12 to $14 ($353 million at the low end of the range). The company had previously filed to offer 29.4 million shares at a range of $16 to $18. At the low end of the revised range, CHC Group would raise 29% fewer proceeds than previously anticipated.
CHC Group, which was founded in 1987 and booked $1.7 billion in sales for the 12 months ended October 31, 2013, plans to list on the NYSE under the symbol HELI. J.P. Morgan, Barclays and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of January 13, 2014.
