Steel Products Prices North America
Pipe & Tube Manufacturer Zekelman Industries Seeks IPO
Written by Sandy Williams
August 18, 2018
Zekelman Industries, Inc., a manufacturer of steel pipe and tube, has filed for an initial public offering with the U.S. Securities and Exchange Commission.
The company listed an offering of $100 million and hopes to complete its IPO this year, according to Bloomberg. Zekelman posted net income of $161 million on net sales of $2.1 billion for FY 2017, up from net income of $68 million the previous year. The company is seeking a valuation of approximately $5 billion.
The Zekelman family has owned the company privately since 2011 and is expected to retain a controlling interest after the IPO.
Barry Zekelman, executive chairman and CEO of the company, was scheduled to speak at the Steel Market Update Steel Summit Conference later this month in Atlanta, but was advised by counsel to withdraw in light of the stock offering. We will advise his replacement later this week.
Zekelman Industries is the largest independent steel pipe and tube manufacturer in North America and includes operating divisions Atlas Tube, Picoma, Sharon Tube, Wheatland Tube, Western Tube and Z Modular.
Sandy Williams
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