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    Independence Contract Drilling Launches IPO

    Independence Contract Drilling Inc.

    Independence Contract Drilling Inc. (NYSE: ICD) has launched its initial public offering of 10,000,000 shares of common stock. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "ICD."

    The underwriters of the offering will have a 30-day option to purchase up to an additional 1,500,000 shares from Independence Contract Drilling to cover over-allotments, if any.

    Morgan Stanley, RBC Capital Markets, and Tudor, Pickering, Holt & Co. are acting as book-running managers for the offering. Canaccord Genuity, Capital One Securities, Cowen and Co., FBR, IBERIA Capital Partners LLC, and Johnson Rice & Co. LLC are acting as co-managers.

    Independence Contract Drilling was formed in November 2011 and provides land-based contract drilling services for oil and natural gas producers in the US. The company constructs, owns, and operates a fleet of ShaleDriller rigs that are specifically engineered and designed for development of its customers' unconventional oil and gas properties. All of Independence Contract Drilling's operating rigs are currently drilling in the Permian Basin, but its rigs have previously operated in the Mid-Continent region and in the Eagle Ford shale play.

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