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Superior Drilling shares climb in first day of NYSE trading

Published May 25, 2014 2:55 pm

This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

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.