B.R. supplier announces IPO
Edgen Group Inc., a Baton Rouge-based global distributor of specialty products in the energy sector, announced this morning that it has commenced an initial public offering of 15 million shares of its common stock. Edgen says it intends to use the proceeds to repay debts associated with consolidation of some subsidiaries, as well as for "general corporate purposes." Jefferies & Company Inc., Morgan Stanley & Co. and Citigroup Global Markets Inc. are serving as joint book-running managers for the offering. The underwriters will have the option of purchasing up to an additional 2.25 million shares. Edgen is selling the stock on the New York Stock Exchange under the symbol "EDG." Since being founded in 1983 as Thomas Pipe & Steel in Baton Rouge, the firm has grown through acquisitions and mergers into a worldwide supplier of products including steel pipe, valves, plates and related components.
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