HOUSTON (AP) — Pipe and valve distributor MRC Global Inc. plans to sell up to $100 million of its shares in an initial public offering.
The deal value is subject to change as the company and the banks involved in the deal gauge investors' interest.
MRC Global distributes high-end pipes and valves that are used in energy production and exploration. It distributes the products worldwide to companies that drill for oil and natural gas. The Houston company was formerly known as McJunkin Red Man Holding Corp. Affiliates of Goldman Sachs Group Inc. are the majority owners of PVF Holdings, which is MRC Global's largest shareholder.
MRC Global said in a regulatory filing Thursday that it plans to use the offering's proceeds for general business purposes, without specifying further.
The company did not turn a profit between 2008 and 2010. But during the first nine months of 2011 it reported net income of $25.4 million. By the same point in 2010 the company had already lost $38.3 million.
Revenue for the first nine months of 2011 was $3.53 billion, compared to $2.81 billion during the same period in 2010. For all of 2010 the company posted a loss of $51.8 million on $3.85 billion in revenue.
MRC Global says it plans to list on the New York Stock Exchange under the "MRC" ticker symbol. It did not say how many shares it planned to sell or set a price for its shares.
