Zekelman Industries, the largest independent US steel pipe and tube manufacturer, formally withdrew its plans for an initial public offering on Tuesday. It had filed to raise $752 million at a proposed market cap of $3.5 billion in September 2018 but postponed its IPO, citing disagreement about valuation in its decision.
The Chicago, IL-based company was founded in 1877 and booked $2.6 billion in sales for the 12 months ended June 30, 2018. It had planned to list on the NYSE under the symbol ZEK. Goldman Sachs, BofA Merrill Lynch, BMO Capital Markets, and Credit Suisse were set to be the joint bookrunners on the deal.
