MRC Global, the global distributor of pipe, valve, and fittings and related products and services to the energy industry, announced the pricing of initial public offering of 22.73 million shares of common stock at $21.00 per share, the low end of estimated range.
In an amended regulatory filing with the U.S. Securities and Exchange Commission on March 28, the company said that it will sell 22.73 million shares at a estimated pricing between $21.00 and $23.00 per share.
The Houston, Texas-based company said that it is offering 17.05 million shares and a selling stockholder is offering 5.68 million shares.
MRC Global shares are expected to begin trading on April 12, on the New York Stock Exchange under the ticker symbol MRC.
The company stated that the selling stockholder in the offering has granted the underwriters a 30-day option to buy up to 3.41 million additional shares at initial offering price, less the underwriting discounts and commissions.
MRC Global specified that it will not receive any proceeds from the sale of shares by the selling stockholder in this offering, including proceeds from any exercise by the underwriters of their option to buy additional shares.
Goldman, Sachs & Co. and Barclays are serving as joint book-running managers. BofA Merrill Lynch, Baird and Wells Fargo Securities are serving as lead managers. Raymond James, William Blair & Company and Stephens Inc. are serving as co-managers.
Net income for the year was $29.0 million, compared to a loss of $51.8 million a year earlier. Revenue rose to $4.83 billion from $3.85 billion in the prior year, the company said in the filing.
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