Tor Olav Troim’s Borr Drilling is set to raise up to $52.4m from its initial public offering in New York which will end a half-decade drought for fresh offshore listings in the US financial capital.
Borr priced its offering of five million shares at $9.30 each, with a further 750,000 shares set aside for its underwriters.
The IPO, which will add to the company’s existing listing in Oslo, was revealed earlier this month.
Goldman Sachs and DNB Markets were the initial banks on the ticket, with BTIG, Citigroup, Danske Markets and Evercore ISI added in the last round.
Borr said proceeds from the primary share sale would run to $44.9m, with the underwriters potentially taking the final purse to $52.4m.
Its updated filing said the cash would be used for potential mergers and acquisitions, investments in complementary businesses, products or technologies, maintaining liquidity and repayment of debt.
As with its first filing, Borr stressed it no specific use for the proceeds right now.
According to data from Clarksons, Borr will be the first offshore company to complete an IPO in New York since 2014.
However, New York is the largest stock exchange globally for offshore companies, ahead of the Oslo system, its data shows.
As TradeWinds has reported the low target for the offering reflects Borr’s goal to be listed with its peers in the US rather than its capital needs.
Schlumberger Oilfield Holdings will see its stake fall slightly to 13.7% following the listing, while Troim's stake will dip to 8% and the Allan & Gill Gray Foundation's to 4.8%.
