McJunkin Red Man plans $750 million IPO

Industrial Distribution staff -- Industrial Distribution, 8/21/2008 8:06:00 AM

McJunkin Red Man filed for a $750 million IPO that would see the public own roughly 35 percent of the PVF distributor, according to a filing with the federal Securities and Exchange Commission.

Charleston, W.Va., and Tulsa, Okla.-based MRM, which ranked 6th on INDUSTRIAL DISTRIBUTION's 2008 Big 50 list of distributors, plans to list its shares on the New York Stock Exchange under the symbol “MRC.”

The offering follows the “merger of equals” last year between the two distributors and the 2006 buyout of McJunkin by a subsidiary of New York-based investment firm Goldman, Sachs & Co. 

Proceeds from the IPO, for which the date and share price have not been set, will be distributed members of the company’s board of directors, senior management and affiliates and affiliates of Goldman, Sachs.

MRM posted sales of $4 billion last year.

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