MRC Global, the global leader in supplying pipes, valves and fittings to the energy industry, registered with the SEC for a $100 million initial public offering on Thursday. The Houston, TX based company, whose predecessor was founded in 1921, booked $4.6 billion in sales for the twelve months ended September 30, 2011. After being unprofitable in 2009 and 2010, net profits for the first nine months of 2011 were $25.4 million. Revenues for that period were $3.5 billion, a 25% increase.
This is the second filing for MRC. Goldman Sachs Capital Partners acquired McJunkin Corporation in 2007 and filed to bring it public in August 2008 as McJunkin Red Man Holding Corporation. The proposed $750 million IPO was withdrawn the following March. MRC Global plans to list on the New York Stock Exchange under the symbol MRC. Underwriters were not announced.
