Turkish steel pipe producer Ozbal Celik Boru has announced that it plans to raise approximately TRY 28 million through an initial public offering (IPO) on July 20-21, for new investments and for the financing of its short-term debts. The IPO will cover 34.08 percent of the company's total shares. Accordingly, the offer price will be TRY 3.50-4.10 ($2.11-2.48) per share and the company will be listed on the Istanbul Stock Exchange.
In March this year, Ozbal Celik Boru commissioned its third steel pipe manufacturing plant, doubling its annual welded steel pipe production capacity to 150,000 mt.
Ozbal Celik Boru is among the six Turkish companies that received a compliance certificate for the Nabucco natural gas pipeline project. The company hopes to receive orders from Nabucco project, up to €300 million, with its advantageous position in terms of logistics.
In the first quarter of this year, the company's profit amounted to TRY 1.1 million (approx. $664,000), remaining almost unchanged as compared to Q1 2010.