RigNet Prices Well Below Expectations

RigNet (RNET) priced its IPO at $12 versus the $14-$16 expected range. The offering was 5 million shares and the underwriters on the offering were Deutsche Bank and Jefferies & Co. RNET is a telecom company that caters mainly to the offshore drilling oil and gas industry. It provides Cisco-powered IP-based voice, fax, video, and high-speed Internet to remote locations around the world. Drilling rigs and production platforms around the world use RigNet.