March 12, 2018 / 12:18 PM / a year ago

Russia's TMK applies to re-launch IPO of U.S. unit

MOSCOW (Reuters) - IPSCO Tubulars, the U.S. subsidiary of Russian oil and gas pipemaker TMK (TRMK.MM), on Monday filed paperwork needed to re-launch a share sale previously placed on hold due to adverse market conditions.

In February, IPSCO suspended an initial public offering (IPO) on the New York Stock Exchange, through which IPSCO and TMK had aimed to raise between $465 million and $535 million, after a sharp global sell-off in shares.

On Monday, the company filed an amendment with the U.S. Securities and Exchange Commission applying for the registration needed to restart the IPO.

The number of shares to be offered and price have not yet been determined, the company said in a statement.

TMK declined to comment.

Writing by Polina Ivanova; editing by Jason Neely

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