North Atlantic Drilling, which operates a fleet of nine offshore drilling rigs, announced terms for its IPO on Friday. The Hamilton, Bermuda-based company plans to raise $125 million by offering 13.5 million shares at a price range of $8.50 to $10.00. At the midpoint of the proposed range, North Atlantic Drilling would command a market value of $2.2 billion.
North Atlantic Drilling, which was founded in 2011 and booked $1.3 billion in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol NADL. North Atlantic Drilling initially filed confidentially on October 26, 2012. Morgan Stanley, Barclays, Goldman Sachs, and RS Platou are the joint bookrunners on the deal.
