Pacific Drilling SA (NYSE: PACD; NOTC: PDSA), controlled by Idan Ofer, raised a gross $51 million in its IPO on the New York Stock Exchange. The deep sea drilling company offered six million shares at $8.25 per share, at the lower end of the price range. If the underwriters exercise their over-allotment option to buy an additional 900,000 shares in full, the gross offering will increase by $7.42 million. The offering is due to close on Wednesday, November 16.
In the prospectus filed with the US Securities and Exchange Commission (SEC), the company said that it planned to hold the offering at $8-10 per share, raising a gross $54 million at the midpoint.
Earlier this year, Pacific Drilling raised $600 million at a company value of almost $2 billion, in a private placement and registered its shares on the Over the Counter Board on the Oslo Bourse. As part of that offering, the company promised to float its shares on a leading international market.
The underwriters are Morgan Stanley and Deutsche Bank Securities LLC are the joint book-running managers, and DnB NOR Markets, Howard Weil Inc., Pareto Securities AS and Simmons & Company International are the co-managers.
Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2011
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