Edgen Group (EDG) IPO Trades Lower

April 27, 2012 9:56 AM EDT
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The IPO for Edgen Group Inc. (NYSE: EDG) is open for trading. Shares are trading at $10.21 after pricing 15,000,000 shares at $11, below the expected $14-$16 range.

The offering was led by Jefferies, Morgan Stanley and Citigroup.

Edgen Group is a leading global distributor of specialty products to the energy sector, including steel pipe, valves, quenched and tempered and high yield heavy plate and related components. The company primarily serves customers that operate in the upstream (conventional and unconventional oil and natural gas exploration, drilling and production of oil and natural gas in both onshore and offshore environments), midstream (gathering, processing, fractionation, which is the process by which the individual chemical components of oil and natural gas are separated from a single stream, transportation and storage of oil and natural gas) and downstream (refining and petrochemical applications) end-markets for oil and natural gas.

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