WASHINGTON (dpa-AFX) - Steel pipe and tube manufacturing giant Zekelman Industries Inc. plans to raise about $752 million from its initial public offering.
Zekelman plans to sell 41.75 million shares at $17 to $19 a share, which will raise about $752 million at the midpoint, according to an amended filing.
Zekelman intends to list its shares on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol ZEK.
Goldman Sachs and BofA Merrill Lynch are joint lead bookrunners.
Chicago, Illinois-based Zekelman, which was founded in 1877, manufactures and sells industrial steel pipe and tube products for a variety of end markets in North America. The company owns 13 pipe and tube production facilities in seven U.S. states and one Canadian province, with a total annual production of approximately 2.1 million tons.
Zekelman posted net income of $161 million on net sales of $2.1 billion for the year ended September 30, compared to $68 million on sales of $1.6 billion a year earlier.
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