First Reserve-backed CHC Group, the parent company of commercial helicopter operator CHC Helicopter, priced its IPO at $10 per share and went public. The $10 price point was well below previous expectations, which were first marked at $16 to $18 but reduced to $12 to $14 on Thursday. Shares closed at $9.80 on their first day of trading.
CHC's helicopter services include offshore transport, search & rescue, emergency medical services, flight training and maintenance, repair and overhaul (MRO) services. First Reserve took the company private for CA$3.7 billion in 2008 and invested another CA$100 million of equity into the company in late 2011. The company underwent a $300 million refinancing in May 2013 that helped refinance certain aircraft leases and repay debt. Some of the IPO proceeds will go toward debt repayment, as well.