Specialty products company Edgen Group Inc., in a regulatory filing Tuesday said it has commenced an initial public offering of 15 million shares of its Class A common stock. The underwriters to the offering will be granted an option to purchase up to an additional 2.25 million shares to cover over-allotments, if any.
Edgen Group expects to price its IPO between $14 and $16 per share. The proposed maximum aggregate offering price of the IPO is $276 million, estimated solely for the purpose of calculating the registration fee.
The company plans to use the net proceeds from the offering to repay debts of its subsidiaries, as also for corporate uses.
Edgen Group said it will list its shares on the New York Stock Exchange under the symbol "EDG."
Joint book running managers for the offering are Jefferies, Morgan Stanley, and Citigroup. Co-managers are Stephens Inc., Holt & Co., BB&T Capital Markets, HSBC, among others.
Incorporated in December 2011, Edgen Group is headed by Chairman, President, and CEO Daniel O'Leary. The company is a global distributor of specialty products to the energy sector, including steel pipe, valves, quenched and tempered and high yield heavy plate and components. The company has distribution operations in 15 countries serving over 2,000 customers.
For the year ended December 31, 2011, Edgen Group reported pro forma sales of $1.7 billion, up from $1.3 billion in the prior year. Pro forma net income for the period was $2.1 million, compared to proforma net loss of $89.3 million last year.
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