Reuters: Private Equity: UPDATE 1-MRC Global IPO prices at bottom of range

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UPDATE 1-MRC Global IPO prices at bottom of range Apr 11th 2012, 22:19 Wed Apr 11, 2012 6:19pm EDT NEW YORK, April 11 (Reuters) - Energy industry supplier MRC Global Inc priced shares at $21, at the bottom of their expected range, in its initial public offering on Wednesday, an underwriter said. The Houston, Texas-based company, owned by Goldman Sachs' private equity fund since 2007, priced 22.7 million shares as expected, raising $476.7 million. The company had planned to sell shares in the range of $21 to $23. MRC Global, formerly known as McJunkin Red Man Holding Corp, is selling 17.0 million shares, and PVF Holdings -- a holding company controlled by Goldman Sachs -- is selling 5.7 million shares. PVF Holdings' control of MRC Global after the offering will fall from 99.6 percent to 77.4 percent. The company, which provides pipes, valves and fittings to energy companies, filed for a $750 million IPO in 2009 but later pulled its plans. Revenue rose 26 percent to $4.8 billion in 2011. Net income swung to a profit of $29.0 million, compared to a loss of $51.8 million a year earlier. MRC Global will use proceeds to repay debt. MRC Global's IPO underwriters include Goldman Sachs and Barclays. MRC Global will begin trading on the New York Stock Exchange on Thursday with the ticker "MRC". Link this Share this Digg this Email Reprints

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