Indiana, Pennsylvania-based, wireline-survey company Superior Well Services Inc. debuted on Nasdaq in late July as SWSI, pre-selling some 5.5 million shares at $13 each for proceeds of about $53.6 million. The expected price range was $11 to $13. At press time, shares were trading at more than $22. Proceeds will be used to pay $30.1 million of bank debt, purchase $6.8 million of additional oilfield-service equipment and for general corporate purposes. Underwriters had an option to purchase up to 840,000 additional shares. KeyBanc Capital Markets was the sole book-running manager. A.G. Edwards & Sons Inc., RBC Capital Markets Corp. and Simmons & Co. International were additional underwriters. In early August, Oklahoma City-based land-driller The Bronco Drilling Co. Inc. went public with 5.1 million common shares on Nasdaq as BRNC. The price was $17 per share. The underwriters may purchase up to 705,000 additional shares-555,000 sold by Bronco and 150,000 by stockholders. Proceeds will pay approximately $18.1 million of outstanding debt, including $13 million incurred through Bronco's recent acquisition of Strata Drilling. The balance, plus cash flow, will be used to refurbish rigs, for general corporate purposes and possibly to buy additional rigs. Bronco owns 33 land rigs; 15 are operating, three are in refurbishment for service in 2005 and 15 are in inventory. Johnson Rice & Co., Jefferies & Co Inc., Friedman Billings Ramsey and Calyon Securities (USA) Inc. were underwriters.
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