Edgen Group, which is a leading global PVF distributor to the oil and gas industry, announced terms for its IPO on Tuesday. The Baton Rouge, LA-based company plans to raise $225 million by offering 15.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Edgen Group would command a market value of $643 million. Edgen Group, which was founded in 2005 and booked $1.7 billion in pro forma sales in 2011, plans to list on the NYSE under the symbol EDG. Jefferies & Co., Morgan Stanley and Citi are the joint bookrunners on the deal.
Another leading PVF distributor, MRC Global (MRC), raised $477 million in an IPO last week. It priced at the low end of its range and is trading down 1% from its offer price.
