IPSCO Tubulars, a US steel pipe supplier for E&Ps being spun out of Russia's TMK, postponed its IPO on Thursday. It had filed to raise $500 million by offering 23.3 million shares (68% insider) at a price range of $20 to $23.
The Houston, TX-based company was founded in 1956 and booked $877 million in sales for the 12 months ended September 30, 2017. It had planned 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 were set to be the joint bookrunners on the deal.
