IPSCO Tubulars, a US steel pipe supplier for E&Ps being spun out of Russia's TMK, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $500 million by offering 23.3 million shares (68% insider) at a price range of $20 to $23. At the midpoint of the proposed range, IPSCO Tubulars would command a fully diluted market value of $1.3 billion.
IPSCO Tubulars was founded in 1956 and booked $877 million in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol IPSC. BofA Merrill Lynch, Morgan Stanley, J.P. Morgan, UBS Investment Bank, Citi, Credit Suisse, Barclays and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of February 5, 2018.
