MRC Global, the largest global pipes, valves and fitting (PVF) and services supplier to the energy industry, announced terms for its IPO on Wednesday. The Houston, TX-based company plans to raise $500 million by offering 22.7 million shares at a price range of $21 to $23. At the midpoint of the proposed range, MRC Global would command a market value of $2.25 billion.
This is the second IPO attempt 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 The proposed $750 million IPO was withdrawn the following March.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, which was founded in 1921 and booked $4.83 billion in sales in 2011, plans to list on the NYSE under the symbol MRC. Goldman Sachs and Barclays are the joint bookrunners on the deal.
