IPSCO Tubulars, a US steel pipe supplier for E&Ps being spun out of Russia's TMK, withdrew its plans for an initial public offering on Friday. It had filed to raise $500 million at a market cap of $1.3 billion
The Houston, TX-based company was founded in 1956 and booked $1.4 billion in sales for the 12 months ended September 30, 2018. It had planned to list on the NYSE under the symbol IPSC. Credit Suisse, J.P. Morgan, BofA Merrill Lynch, Morgan Stanley, BTIG, UBS Investment Bank, Citi, Barclays and Guggenheim Securities were set to be the joint bookrunners on the deal.
