Zekelman Industries Halts Initial Public Offering
09/19/2018 - Pipe and tube maker Zekelman Industries has postponed its planned US$750 million initial public offering, saying that its shares weren’t fetching the price it had hoped for, reports the Windsor (Ontario) Star.
“We felt the transaction we were offered did not adequately compensate our company for the value we have created. As a result, we have elected to withdraw the public offering,” chairman and chief executive Barry Zekelman wrote in an internal company memo, the Star reported.
The company had planned to offer 41.75 million shares and priced them at US$17 to US$19 share.
The Star has more here.
