Superior Drilling shares climb in first day of NYSE trading
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Shares of Superior Drilling Products Inc. climbed 12.25 percent to $4.49 Friday on the company's first day of trading on the New York Stock Exchange.
The Vernal-based provider of drilling products for the oil, natural gas and mining industries priced its initial public offering of 6.75 million shares at $4 per share.
Superior now trades on the NYSE under the ticker symbol SDPI.
The company said it will use $12.5 million of the proceeds from the stock sale toward the acquisition of Hard Rock Solutions LLC.
It will use the remaining proceeds to repay debt and for working capital.