The pipe is sealed: IPSCO Tubulars withdraws $500 million IPO

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IPSCO Tubulars, a US steel pipe supplier for E&Ps being spun out of Russia's TMK, withdrew its plans for an initial public offering on Friday. It had filed to raise $500 million at a market cap of $1.3 billion

The Houston, TX-based company was founded in 1956 and booked $1.4 billion in sales for the 12 months ended September 30, 2018. It had planned to list on the NYSE under the symbol IPSC. Credit Suisse, J.P. Morgan, BofA Merrill Lynch, Morgan Stanley, BTIG, UBS Investment Bank, Citi, Barclays and Guggenheim Securities were set to be the joint bookrunners on the deal.

The article The pipe is sealed: IPSCO Tubulars withdraws $500 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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