Metal processor Metals USA Holdings Corp. raised about $239.4 million in its initial public offering Thursday night after pricing shares above the expected range and increasing the number of shares it planned to sell.
The Fort Lauderdale, Fla., company, which was taken public by private equity firm Apollo Management LP, sold 11.4 million shares for $21 apiece, according to a person with knowledge of the deal. The person did not want to be identified as the details of the IPO have not yet been made public.
In a regulatory filing, Metals USA had said it hoped to sell 10.5 million shares for $18 to $20 each.
The company, a provider of processed carbon steel, stainless steel, aluminum and roofing products, plans to use the proceeds to repurchase debt.
Other companies taken public by private equity companies earlier this year, such as Generac Holdings Inc. and Graham Packaging Co., priced shares significantly below expectations. The IPO market gained momentum last month as stock markets rose.
In 2009, Metals USA earned $3.5 million, compared to $72.6 million the previous year. Revenue dropped in half to $1.1 billion from $2.2 billion.
Trading is expected to begin on Friday on the New York Stock Exchange under the symbol "MUSA."
© Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.