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Independence Contract Drilling sets terms for $150 million IPO

July 28, 2014

Independence Contract Drilling, which operates nine contracted land drilling rigs for E&Ps in the Permian Basin, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $150 million by offering 10.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, it would command a fully diluted market value of $348 million.

Independence Contract Drilling, which was founded in 2012 and booked $48 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol ICD. Morgan Stanley, RBC Capital Markets and Tudor, Pickering, Holt are the joint bookrunners on the deal. It is expected to price during the week of August 4, 2014.