【财经】管道涂料企业计划赴美IPO，募集资金规模激增200%

Core Viewpoint - EUPEC International Group plans to go public on NASDAQ under the ticker "EUPX" with an updated IPO proposal, aiming to raise $15 million by issuing 3.75 million shares at $4 each, which is a 200% increase from its previous plan [1][3]. Company Overview - EUPEC, established in 2022, specializes in providing specialized coating services for onshore and offshore steel pipelines in the water, oil, and gas sectors [3]. - The company operates a 15-hectare facility in Dunkirk, France, along with two additional sites in the country [3]. - EUPEC serves major industry players such as TotalEnergies, Eni, ExxonMobil, Petrobras, Shell, and BP, as well as engineering, procurement, and construction contractors [3]. Market Potential - The global pipeline joint coating market is projected to grow from $2.1 billion in 2024 to $3.5 billion by 2035, with a CAGR of 4.6% driven by increasing infrastructure development and corrosion protection needs [5]. - The pipeline coating market is expected to expand from $9.95 billion in 2024 to $16.84 billion by 2034, with a CAGR of 5.4%, fueled by the ongoing expansion of the oil and gas industry and regulatory measures for clean water management [5]. Industry Dynamics - The pipeline coating business operates in a highly regulated environment, requiring adherence to strict international quality standards, which creates high entry barriers for new entrants [6]. - Companies must undergo rigorous qualification processes and demonstrate past performance in similar services to be eligible for bidding [6]. - Major competitors in the pipeline coating sector include Wasco Energy, Tenaris Shawcor, and Isopipe, while CRC Evans CSS SA Group and RAE Energy Inc. dominate the field joint coating services [6]. Financial Performance - For the first half of 2024 and 2025, EUPEC reported sales revenues of $6.9434 million and $9.3518 million, respectively, with net profits of $285,200 and $1.2868 million [6]. - Approximately 70% of the company's sales revenue comes from France, with the remainder from other European countries [7]. - The net cash generated from operating activities increased from $967,300 in the first half of 2024 to $3.2871 million in the first half of 2025, reflecting growth in sales revenue and improved gross margins [7].