Russia-based TMK, one of the world's leading oil and gas steel pipe producers, has announced that it expects that its Texas-based subsidiary TMK IPSCO’s revenue will be within a range of $313.0 million to $332.0 million for the fourth quarter of 2017. TMK also estimates that IPSCO’s net income will be within a range of $20.7 million to $29.2 million for the same period.
In addition, TMK estimates that IPSCO’s adjusted EBITDA and adjusted EBITDA margin in the fourth quarter last year will be within ranges of $38.2 million to $46.3 million and 12.2 percent to 13.9 percent, respectively.
Meanwhile, TMK IPSCO also announced that it has commenced an initial public offering of 23,255,813 shares of its common stock, of which 7,441,860 shares are to be sold by IPSCO and 15,813,953 shares are to be sold by its parent company TMK at an anticipated initial offering price between $20.00 and $23.00 per share. IPSCO expects to grant the underwriters a 30-day option to purchase up to an additional 3,488,372 shares of IPSCO’s common stock. IPSCO intends to use the net proceeds it will receive from the offering to repay a portion of the outstanding indebtedness under its revolving credit facility and to retain the remainder of the net proceeds for general corporate purposes.