Russia’s TMK to raise $500 mln through US division’s IPO

MOSCOW, Oct 28 (PRIME) -- Russian oil and gas pipe maker TMK plans to raise over U.S. $500 million through an initial public offering (IPO) of its North American division IPSCO, the company said in a presentation Tuesday.

Earlier on Tuesday, TMK Chairman and owner Dmitry Pumpyansky told Bloomberg TV in an interview the company is considering IPSCO’s IPO as the division has a limited access to the U.S. debt market due to the sanctions imposed by the West against Russia.

TMK has invested U.S. $5 billion in its U.S. business since 2008. The company planned to integrate the division with the Russian business but has discontinued the process, Pumpyansky said.

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