Russian Pipemaker ChelPipe Said to Pull London IPO on Valuation

ChelPipe, Russia’s third-largest maker of steel pipes, postponed its initial public offering in London after failing to get orders above the bottom end of its price range, two people familiar with the matter said.

Chelpipe is the second Russian company this month to shelve its IPO plans. OAO Koks, the largest pig-iron exporter, pulled its sale Feb. 4, citing market conditions. Another Russian company, HMS Group Plc, the country’s biggest industrial-pipe producer, cut the price range of its IPO on Feb. 8.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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