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FMC IPO raises $221M
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June 13, 2001: 6:42 p.m. ET
Unit of FMC Corp. sells 11.05M shares at $20 each via Merrill; Odyssey Re on tap
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NEW YORK (CNNfn) - FMC Technologies Inc., a unit of FMC Corp., raised $221 million late Wednesday ahead of its planned initial public offering.
Chicago-based FMC Technologies sold 11.05 million shares at $20 each, within its $19-to-$21 price range, via lead underwriter Merrill Lynch.
FMC Technologies Inc. provides crude oil exploration services as well as juice extraction services through its different businesses.
Through its energy unit, FMC Tech offers technology for the exploration and production of crude oil and natural gas. The unit has entered into a five-year alliance with BP PLC (BP: down $0.37 to $53.00, Research, Estimates) for deepwater development in the Gulf of Mexico.
Foodtech, FMC's specialty division, provides food handling and processing services. The unit handles 75 percent of the global production of orange juice and freezes about 50 percent of commercially frozen foods worldwide, the company said in a Securities and Exchange Commission filing. FMC Tech had $8.3 million losses on $429.4 million revenue for the quarter ended March 31.
After the IPO, parent firm FMC Corp. (FMC: up $0.12 to $76.48, Research, Estimates) will hold a 83 percent stake of outstanding shares. FMC plans to complete the spinoff, through the distribution of shares through a special dividend to shareholders, by the end of calendar year 2001.
The company is expected to trade Thursday under the New York Stock Exchange symbol "FTI."
Odyssey Re Holding Corp. is also expected to price its IPO Wednesday. The company plans to offer 17.1 million shares at $16-to-$19 each via Banc of America Securities and CIBC World Markets.
New York-based Odyssey Re, one of the nation's top 10 reinsurers, offers property and casualty products globally. The company targets both insurers and reinsurers, earning $221.4 million revenue on $18.8 million income for the March quarter.
Toronto-based Fairfax Financial Holdings Inc., through units TIG Insurance Co. and ORH Holdings Inc., will own a 73.6 percent stake after the IPO.
Odysse Re plans to trade Thursday under the NYSE symbol "ORH." 
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