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North Atlantic Drilling IPO prices at $9.25 per share

North Atlantic Drilling IPO prices at $9.25 per share
Seadrill offshoot North Atlantic Drilling (NADL) is set to raise $125m from its initial public offering (IPO) in New York.

NADL has priced its IPO on the New York Stock Exchange (NYSE) at $9.25 per share. NADL is selling 13.51m shares, with underwriters granted a 30-day option of 2.02m shares. The company will raise a total of $143.7m if the option is fully taken up.

“The net proceeds of this public offering are expected to be used for general corporate purposes and working capital,” NADL said.

The company’s shares are expected to start trading on NYSE on 29 January.