Zekelman Industries, the largest independent US steel pipe and tube manufacturer, announced terms for its IPO on Friday.
The Chicago, IL-based company plans to raise $752 million by offering 41.8 million shares (34% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Zekelman Industries would command a fully diluted market value of $3.5 billion and an enterprise value of $4.3 billion.
Zekelman Industries was founded in 1877 and booked $2.6 billion in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol ZEK. Goldman Sachs, BofA Merrill Lynch, BMO Capital Markets and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of September 17, 2018.
