Sprott Resource's Independence Contract Drilling launches IPO

Independence Contract Drilling Inc, a portfolio company of Canadian resource-focused private equity firm Sprott Resource Corp, has launched its initial public offering of 10 million shares of common stock. The shares will trade on the New York Stock Exchange under the ticker symbol "ICD." According to a report from Renaissance Capital LLC, the Houston, Texas-based company plans to raise US$150 million. A vertically integrated premium land drilling service provider, Independence Contract Drilling received its first investment from Sprott Resource in 2012. The investor currently holds a 31.7 percent interest in the company.

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