ChelPipe Drops IPO Plans After Failing to Get ‘Fair Value’
This article is for subscribers only.
ChelPipe, Russia’s third-largest maker of steel pipes for oil and gas, dropped plans for an initial public offering in London because the likely valuation was below “fair value,” Chairman Sergei Moiseyev said.
“We chose to be a private company instead of doing an IPO at a significant discount to our fair value,” Moiseyev said in an interview in Moscow today, declining to value the company. “We talked to 20 major investors in April and May. An IPO doesn’t look like a viable option in the foreseeable future.”