Oil and gas driller Independence Contract Drilling files for a $173 million IPO
Independence Contract Drilling, which operates six land drilling rigs contracted to US oil and gas E&Ps, filed on Thursday with the SEC to raise up to $173 million in an initial public offering. The company has 6 drilling rigs, all of which are currently operating in the Permian Basin. The Houston, TX-based company, 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. Independence Contract Drilling initially filed confidentially on May 13, 2014. Morgan Stanley and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.