Drillinginfo Inc, a company that gathers and manages data used in oil and gas exploration, has selected underwriters to lead a potential initial public offering that could value the firm at more than $500 million, according to people familiar with the matter. Drillinginfo is working with banks including Morgan Stanley and Citigroup Inc on the potential offering, which could come as soon as next year, the sources said this week. They asked not be identified because the matter is not public."Drillinginfo does not comment on rumors and speculation, and we have made no announcements to that effect," the company said in a statement. Representatives for Morgan Stanley and Citigroup declined to comment.The company was started in 1999 as a simple online permit database. By 2009, it was one of the largest oil and gas databases in the world due to the North American energy boom.Austin, Texas-based Drillinginfo, which has 500 employees, offers maps, geological surveillance, land title research and related data to more than 3,200 oil and gas companies that represent 90 percent of U.S. energy production, according to its website.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.86% or $-0.461/share to $53.01. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 17300300 shares of C exchange hands on a given day and today's volume is recorded at 2926557.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.1% or $0.035/share to $34.74. In the past year, the shares have traded as low as $28.31 and as high as $36.44. On average, 9732480 shares of MS exchange hands on a given day and today's volume is recorded at 1526687.
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