MRC Global's shares fall in market debut

AP News
Posted: Apr 12, 2012 1:49 PM
MRC Global's shares fall in market debut

Shares of MRC Global Inc. are falling in the market debut of the global energy products distributor.

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.