CHC Group, the parent company of CHC Helicopter, is to raise $310 million through its initial public offering on the New York Stock Exchange.
The helicopter operator is offering 31 million of its ordinary shares at $10 a share as it expects to use the proceeds to repay some CHC Helicopter debt and for general corporate purposes.
The company has amended the terms of its IPO. Earlier this month it planned 29.4 million share offering between $16 and $18 a share, valuing the IPO between $470 million and $529 million.
JP Morgan, Barclays and UBS Investment Bank are the joint book-running managers for the offering.
The co-managers are HSBC, RBC Capital Markets, Wells Fargo Securities, BNP Paribas, Standard Bank, Comark Securities (USA), Cowen and Company; Raymond James, Simmons and Company International; and Tudor, Pickering, Holt and Co.
The underwriters will have the option to purchase up to an additional 4,650,000 ordinary shares from the company at the IPO price.
The offering is expected to close on 23 January, subject to customary closing conditions.