MRC Global IPO watch: The world’s largest pipeline, valves, and energy industry parts provider MRC Global filed the IPO amendatory documents with the U.S. SEC (Security And Exchange Commission) on Tuesday, and raised the previously announced financing amount of $100 million to $500 million.
The company intends to trade on the on the New York Stock Exchange under the ticker symbol “MRC“. Goldman Sachs and Barclays are acting as the MRC Global IPO lead underwriters. The company has not disclosed the price range and time to market yet.
The documents show that the company posted an operating profit of $195 million, an increase of $66 million compared to last year, on revenue of $4.8 billion, up 26% from the previous year.
The company submitted IPO application documents for the second time in January this year. Goldman Sachs Capital Partners made the acquisition of McJunkin Corporation in 2007, and planned to raise $750 million in August 2008 with “McJunkin Red Man Holding Corporation” as the main entity of public offering; but withdrew this application in March the following year.
MRC Global, established in 1921, headquartered in Houston, Texas, after consecutive losses in 2009 and 2010, the company realized a profit of $25.4 million in the first nine months of 2011 on revenue of $3.5 billion , an increase of 25% year on year.
MRC Global IPO