Russia’s TMK says U.S. unit IPSCO still committed to potential IPO

ST PETERSBURG (Reuters) – IPSCO Tubulars, the U.S. subsidiary of Russian oil and gas pipemaker TMK (TRMK.MM), remains committed to a potential initial public offering (IPO), TMK said on Thursday.

IPSCO, which halted its IPO in February citing adverse market conditions, said last week that it had filed an amendment to its registration statement with the U.S. Securities and Exchange Commission relating to the proposed share offering.

“We filed the (IPO) prospectus once again last Friday and it is for a reason. The deal is not cancelled, it was just postponed in January. We remain committed to this process,” Vladimir Shmatovich, TMK head of strategy, told Reuters on the sidelines of the St Petersburg economic forum.

Reporting by Polina Devitt; Editing by Maria Kiselyova

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