Independence Contract Drilling, Inc. Announces Pricing of Initial Public Offering8/7/2014
HOUSTON, Aug. 7, 2014 /PRNewswire/ — Independence Contract Drilling, Inc. (NYSE: ICD), announced the pricing of its initial public offering of 10,000,000 shares of common stock at $11.00 per share. The shares will begin trading on the New York Stock Exchange under the ticker symbol “ICD.” The underwriters of the offering have a 30-day option to purchase up to an additional 1,500,000 shares from Independence Contract Drilling to cover over-allotments, if any. The offering is expected to close on or about August 13, 2014, subject to customary closing conditions.
Morgan Stanley, RBC Capital Markets and Tudor, Pickering, Holt & Co. are acting as book-running managers for the offering. Canaccord Genuity, Capital One Securities, Cowen and Company, FBR, IBERIA Capital Partners L.L.C. and Johnson Rice & Company L.L.C. are acting as co-managers.
Independence Contract Drilling was formed in November 2011 and provides land-based contract drilling services for oil and natural gas producers in the United States. Independence Contract Drilling constructs, owns and operates a fleet of ShaleDriller™ rigs that are specifically engineered and designed for development of its customers’ unconventional oil and gas properties. All of Independence Contract Drilling’s operating rigs are currently drilling in the Permian Basin, but its rigs have previously operated in the Mid-Continent region and Eagle Ford Shale.Back to News