Superior Drilling Products Prices IPO At $4.00/shr - Quick Facts

(RTTNews) - Superior Drilling Products Inc., a provider of drilling products for the oil, natural gas and mining services industry, announced that it has priced its initial public offering of 6.75 million shares of its common stock at a price of $4.00 per share. According to the recent filing, the company planned to offer 5 million shares in a range of $5.00 - $7.00 per Share.

Those shares will begin trading today on the NYSE MKT under the symbol "SDPI."

Gross proceeds to SDPI are expected to be $27 million before deducting the underwriting discounts and commissions and estimated offering expenses. The closing of the offering is expected to take place on May 29, 2014.

In addition, SDPI has granted the underwriters a 45-day option to purchase up to an additional 1.01 million shares of common stock at the initial offering price to cover over-allotments, if any.

The company will use $12.5 million of the proceeds toward the acquisition of Hard Rock Solutions, LLC. The remaining proceeds will be used for the repayment of debt and to provide working capital.