MRC Global revives IPO plans
(Reuters) - MRC Global Inc, which provides pipes, valves and fittings to oil and gas companies, filed with the U.S. regulators to raise up to $100 million in an initial public offering of its common stock, almost three years after pulling its plans to go public.
The company, previously called McJunkin Red Man Holding Corp, had scrapped in 2009 its $750 million IPO that counted the now bankrupt Lehman Brothers as a lead underwriter, as the recession and low oil prices dimmed demand for its stock. <link.reuters.com/cyj95s >
Goldman Sachs (GS.N) bought a majority stake in McJunkin Corp of Charleston in 2006 and merged it with Red Man Pipe and Supply Co of Tulsa, Oklahoma, in 2007.
Since then the company has bought a number of pipe makers, and is among the largest pipe distributors in the world.
MRC Global did not reveal how many shares it planned to sell this time or their expected price.
It told the U.S. Securities and Exchange Commission in a preliminary prospectus that it intends to use the proceeds from the offering for general corporate purposes.
The company, which gets more than three-fourths of its revenue from the United States, is positioning itself to grab a pie in the rapidly growing shale gas market in the country.
Houston, Texas-based MRC Global, which intends to list its stock on the New York Stock Exchange under the symbol "MRC," did not reveal the names of the underwriters in the filing.
The amount of money a company says it plans to raise in its first IPO filings is just used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Ashutosh Pandey in Bangalore; Editing by Joyjeet Das)