TMK Remains Committed to Public Offering for IPSCO Shares
05/25/2018 - Despite having canceled an initial public offering for its U.S. subsidiary, Russian pipe and tube maker TMK said it still intends to take IPSCO Tubulars public.
"The deal is not canceled, it was just postponed in January. We remain committed to this process," Vladimir Shmatovich, TMK’s head of strategy, told Reuters during an economic conference in Russia.
The company was prepared to make an initial public offering this winter, but postponed in February, citing adverse market conditions.
"While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an initial public offering," IPSCO board chairman and chief executive Piotr Galitzine said at the time.
IPSCO last week said it filed an amended registration statement with the U.S. Securities and Exchange. It also said its stock has been approved for listing on the NYSE under the symbol “IPSC.”
