Ryerson Holding, which processes and distributes steel, aluminum and other metals in North America and China, announced terms for its IPO on Friday. The Chicago, IL-based company, which was acquired by Platinum Equity for roughly $2 billion, plans to raise $400 million by offering 23.5 million shares at a price range of $16-$18. At the mid-point of the proposed range, Ryerson will command a market value of $1.2 billion. The company, which was founded in 1842 and claims to be the second largest metals service center in North America, booked $38 million in Adjusted EBITDA on $3.1 billion in sales last year. Ryerson plans to list on the NYSE under the symbol RYI. BofA Merrill Lynch and UBS Investment Bank are the lead underwriters on the deal, for which timing was not disclosed. Ryerson's announcement comes only one week after the debut of similar metals distributor Metals USA (MUSA).
