Borr Drilling launches $50 million IPO in U.S.

Offshore drilling contractor Borr Drilling has launched the initial public offering in the United States in an attempt to raise around $50 million.

Borr Drilling said on Monday that it had launched the initial public offering of 5,000,000 of its common shares on the New York Stock Exchange (NYSE).

The company submitted a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the IPO in mid-July. At the time, Borr stated it was looking to raise between $10 and $50 million in the offering but had not yet determined the number of common shares to be offered.

Borr added that its shares had been approved for listing on the NYSE under the ticker symbol ‘BORR,’ but following the listing on NYSE, Borr will continue to be listed under the ticker ‘BDRILL’ on the Oslo Stock Exchange where it has been listed since 2017.

The offshore driller will also grant the underwriters of the offering a 30-day option to purchase up to an additional 750,000 common shares at the initial public offering price.

The company expects the initial public offering price will be substantially similar to the trading price for its shares on the Oslo Børs. The price will be determined based on the book-building process and the closing price of shares on Oslo Børs on the pricing date of the offering.

Currently, the price of Borr Drilling shares on Oslo Børs stands at 89.40 NOK ($10.26) per share. The stock price opened at 85 NOK ($9.75) per share.

According to the company, the proceeds of the offering are intended for general corporate purposes which may include funding future mergers, acquisitions or investments in complementary businesses, products or technologies, maintaining liquidity, repayment of indebtedness, and funding working capital needs.

It is worth noting that Goldman Sachs and DNB Markets are the joint bookrunners on the deal with BTIG, Citigroup Global Markets, Danske Markets, and Evercore also acting as book-running managers for the offering.

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