MRC Global Plans to Raise as Much as $522.7 Million in IPO
MRC and Goldman Sachs are offering 22.7 million shares at $21 to $23 each, according to an filing to the SEC today. At the top end of the price range, the company would be valued at about $2.3 billion.
The Houston-based company is the largest global distributor of pipe, valves and fittings to the energy industry by sales, the filing shows. MRC, bought by Goldman Sachs in 2007, is planning to go public about three years after pulling a $750 million IPO.
Sales climbed 26 percent to $4.83 billion last year, according to the filing. Net income was $29 million, compared with a loss in the year-earlier period of $51.8 million. The company will use the proceeds to repay debt and for general corporate purposes, the filing shows.
Goldman Sachs Group Inc. and Barclays Plc (BARC) are leading the offering. The company, formerly known as McJunkin Red Man, will trade on the New York Stock Exchange under the symbol MRC.
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