Independence Contract Drilling, which owns eleven contracted land drilling rigs for E&Ps in the Permian Basin, lowered the proposed deal size for its upcoming IPO on Thursday. The Houston, TX-based company now plans to raise $105 million by offering 10.0 million shares at a price range of $10.00 to $11.00. The company had previously filed to offer 10.0 million shares at a range of $14.00 to $16.00. Additionally, existing investors Sprott Resource Group and 4D Energy Advisors now plan to buy 600,000 shares each on the IPO (12% of the deal). At the midpoint of the revised range, Independence Contract Drilling will raise -30% fewer proceeds than previously anticipated. Independence Contract Drilling, which was founded in 2012 and booked $48 million in sales for the 12 months ended 3/31/2014, plans to list on the NYSE under the symbol ICD. Independence Contract Drilling initially filed confidentially on 5/13/2014. Morgan Stanley, RBC Capital Markets and Tudor, Pickering, Holt & Co. are the joint bookrunners on the deal. It is expected to price during the week of August 4, 2014.
