Thursday, April 12, 2012 1:49 pm
MRC Global's shares fall in market debut
By The Associated Press
MRC's stock slipped to 23 cents to $20.77 per share in afternoon trading Thursday after trading as low as $19.75 earlier in the session.
The Houston company priced its initial public offering at $21 per share. MRC and shareholders sold 22.73 million shares, raising $477.3 million before expenses. The company plans to use its proceeds to reduce debt.
MRC sells pipes, valves and fittings to energy companies. Most of its business is in the United States and Canada. U.S. energy production is growing after advanced technologies opened access to new underground reserves across the country.
MRC trades on the New York Stock Exchange under the ticker symbol "MRC."
It is one of three companies that went public Thursday.