Houston-KBR, the engineering, construction, and services subsidiary of Halliburton, said Nov. 21 that it has closed its initial public offering of 32,016,000 shares of common stock at a price of $17.00 per share. The number of shares of common stock issued at closing included 4,176,000 shares subject to the underwriters’ over-allotment option. KBR received approximately $508 million of proceeds from the offering, net of underwriting fees and estimated expenses. Halliburton will remain the majority shareholder of the company, retaining over 80 percent of the common shares (GM Nov. 20, p. 11).
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