Ryerson Holding, which processes and distributes steel, aluminum and other metals in North America and China, announced terms for its IPO on Thursday. The Chicago, IL-based company plans to raise $204 million by offering 11.0 million shares at a price range of $17 to $20. At the midpoint of the proposed range, Ryerson would command a market value of $593 million.
The company originally set terms to raise $400 million in April 2010 at a $1.2 billion market cap. Of the 132 companies in the IPO pipeline, Ryerson has been on file the longest.
Ryerson Holding, which was founded in 1842 and booked $3.4 billion in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol RYI. BofA Merrill Lynch, Deutsche Bank, BMO Capital Markets, J.P. Morgan and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of August 4, 2014.
