Superior Drilling Products, Inc. (NYSE MKT:SDPI) ("SDPI" or the "Company"), a provider of drilling products for the oil, natural gas and mining services industry, announced that it has closed its initial public offering of 7,762,500 shares of common stock at a price of $4.00 per share, including 1,012,500 shares sold pursuant to the over-allotment option exercised in full by the underwriters of the initial public offering. Shares began trading on the NYSE MKT under the symbol SDPI on May 23, 2014.
Roth Capital Partners acted as the sole book-running manager, Wunderlich Securities acted as co-lead manager, and Feltl & Company acted as the co-manager, for the offering.
Superior Drilling Products, Inc. manufactures and remanufactures polycrystalline diamond compact drill bits and drill string tools for the oil, natural gas, and mining services industries. The company designs and manufactures drill string tools, including Drill N Ream well bore enhancement tools. It also provides manufacturing, leasing, and refurbishing services for drill string tools to oil field services clients. The company was formerly known as SD Company, Inc. and changed its name to Superior Drilling Products, Inc. in May 2014. Superior Drilling Products, Inc. was founded in 1999 and is headquartered in Vernal, Utah.
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