Jefferies, Morgan Stanley and Citigroup are acting as the joint book-runners and representatives of the underwriting syndicate of the Edgen IPO. Stephens Inc. Tudor, Pickering, Holt & Co., BB&T Capital Markets and HSBC are working as the co-managers on this deal. The underwriters are granted an option to purchase up to an additional 2,250,000 shares of Class A common stock at the public offering price to cover over-allotments.
Assuming an initial public offering price of $15.00 per share, which is the mid-point of the announced Edgen IPO price range, the company will receive net proceeds of approximately $206.4 million. The majority of the net proceeds will be used to purchase newly-issued EDG LLC membership units from EDG LLC and the remaining part will be used for other general corporate purposes.
Edgen is a leading global distributor of specialized steel and specialty products to the oil and natural gas industry, civil construction and mining applications. The company recognized pro forma sales of $1.7 billion and $1.3 billion, pro forma net income of $2.1 million and pro forma net loss of $89.3 million and pro forma EBITDA of $123.3 million and $22.6 million for the years ended December 31, 2011 and 2010, respectively.
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