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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
TMS International (NYSE:TMS) sells industrial outsourced services to steel mills and is the largest provider in North America in terms of revenue. The company's equipment and employees are placed at customer sites to help with the steel production process excluding the making of the steel. This includes scrap management and preparation, semi-finished and finished material handling, metal recovery and slag handling/processing, surface condition, raw material procurement, and the use of proprietary software to optimize raw materials. TMS relies on long-term contracts with 12 of the top 15 largest steel producers.[1]
TMS International has increasingly expanded in emerging markets. TMS International's services allow its customers to focus on their core competencies outside of the actual steel production. Many developing nations currently do not use those services because labor and material costs are low enough to allow them to remain competitive. However, TMS expects that as those countries begin to mature, their costs, particularly labor, will rise and will cause them to seek ways to lower the costs of their non-core operations.[2]
TMS International's demand is linked to the global demand of the steel industry. By providing a service to the steel producers, the demand for TMS International's service is based on the demand for steel globally.[2]
The company's initial public offering of stock on the NYSE occurred on April 13, 2011. The company offered 11.2M shares each for $13. This was below the $15-$17 initial price range. This offering raised a total of $146M. The lead underwriter of the IPO were Bank of America (BAC), Credit Suisse Group (CS), and J P Morgan Chase (JPM).[3]
For the fiscal year 2010, TMS International reported a total revenue of $2.0B. The company reported a net income of $7M during the same period. [4]
References
- ↑ TMS S-1/A 2011 PROSPECTUS SUMMARY "Our Company" pg 1
- ↑ 2.0 2.1 TMS S-1/A 2011 PROSPECTUS SUMMARY "Our Market Opportunity" pg 3
- ↑ Renaissance Capital - IPO Home "TMS International prices downsized IPO at $13, below the range" 14 April 2011
- ↑ TMS S-1/A 2011 PROSPECTUS SUMMARY "Summary Consolidated Financial Data" pg 11-12
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