IPSCO Tubulars Inc. announced late last week that it has decided to postpone its proposed initial public offering of its shares of common stock due to adverse market conditions.
“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an initial public offering,” said Piotr Galitzine, Chairman of the Board of Directors and Chief Executive Officer of IPSCO. “As a company, we’ve consistently made decisions in the best interests of our stockholders, employees and customers, and we will continue to do so.”
This release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
IPSCO Tubulars Inc. is a producer and supplier of seamless and welded oil country tubular goods and other pipe products, with headquarters in Houston, Texas, and manufacturing facilities located in Texas, Pennsylvania, Ohio, Kentucky, Arkansas, Oklahoma, Iowa, Nebraska and Alberta, Canada.