TMS International Sets Date for IPO

TMS International, the parent company of Tube City IMS, will be issuing an initial public offering (IPO) on April 14, 2011. The company hopes to complete the initial sale of 12.5 million shares of class A common stock by April 19. The company had first scheduled, and then postponed, the IPO, in late March 2011.

TMS International Corp., through its subsidiaries including Tube City IMS, says that it is the largest provider of outsourced industrial services to steel mills in North America with a growing international presence. On its Website, the company says it provides services at 73 customer sites in nine countries and operates a global raw materials procurement network.

The company expects the IPO price to be priced between $15 and $17 per share. The stock, to be traded as TMS, will be sold on the New York Stock Exchange.

Upon completion of the IPO, Onex Corp. and its affiliates will control about 93 percent of the aggregate voting power of the common stock. The company hopes to raise around $200 million from the offering.