WASHINGTON (AFX) - Global Geophysical Services Inc. filed an initial public offering Thursday to sell up to $145 million in common stock.
The Houston-based company, which provides seismic data to oil and gas exploration and production firms, didn't disclose how many shares will be offered or provide an estimated price range for the IPO.
In a filing with the Securities and Exchange Commission, Global said it intends to use the proceeds from the offering to acquire new equipment and technology, expand crew sizes and reduce debt, as well as for working capital and general corporate purposes.
The company said it has applied to list its common stock on the Nasdaq Global Market under the trading symbol GGEO.
For the three months ended March 31, the company said it had income of $765,041, swinging from a net loss of $242,310 for the same period a year ago.
The $145 million valuation for the IPO was estimated solely for calculating the registration fee, Thursday's filing said. Often, the eventual price terms of an IPO differ substantially from the valuation in the first registration.
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