Hirschfeld Industries, Inc. filed after the close on Monday to come public via an initial public offering of up to $150,000,000 in equity being sold via the New York Stock Exchange under the stock ticker “HSFD.” No terms and conditions were set, so that $150 million should be considered as “for filing purposes only.” Stock will be sold both by the company and by shareholders, and proceeds to the company are earmarked for debt repayment and for general corporate purposes.
This is an integrated provider of highly engineered steel components for infrastructure applications with operations in the southwestern and southeastern regions of the United States. The company targets markets such as bridges, nuclear and traditional energy, and general industrial and commercial construction. The company also owns a 50% stake in a wind tower fabrication joint venture with Martifer Energy Systems (public company in Europe). In short, this is a steel infrastructure company.
For the nine months ended September 30, 2009, its revenue was $239.5 million and operating income was $30.7 million. That compares to revenue of $201.0 million and operating income of $35.0 million for the same period in 2008.
J.P. Morgan and Baird are listed as joint book-runners and co-managers are listed as Jefferies & Company and BB&T Capital Markets. The selling stockholders have granted the underwriters an option for a period of 30 days to purchase additional shares of common stock to cover over-allotments but that amount has also not been set.
Jon C. Ogg
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