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TMK IPSCO Launches IPO, Aims to Raise More than US$465M
01/30/2018 - The American arm of Russian tubemaker PAO TMK has launched its initial public offering at US$20 to US$23 per share.
IPSCO Tubulars Inc. and parent TMK together are offering more than 23.2 million shares and are looking to raise between US$465.1 million and $534.9 million.
The company, which will trade on the NYSE under the ticker symbol IPSC, will use the proceeds to pay down debt and for general corporate purposes.
IPSCO is projecting its fourth-quarter sales to range somewhere between US$313 million and US $332 million. Over the course of fiscal 2017, IPSCO shipped 800,000 metric tons, nearly double the volume of fiscal 2016.
"In the USA, TMK expects further increases in OCTG consumption as a result of sustained strong drilling activity and oil prices which are forecast to be at a comfortable level for producers operating in all the major shale plays," TMK said in a statement.
