21 Nov 2014 19:22

TMK starts readying American division for IPO, this a mid-term goal

MOSCOW. Nov 21 (Interfax) - Russian pipe maker TMK has started to prepare its American division for an IPO, the proceeds from which would be used to ease the whole group's debt burden.

"We don't have a specific timeframe for this, we're just starting to prepare [for an IPO]. We aren't yet ready to say when it might take place. This will depend both on an improvement in our operating results and on market conditions. We view an IPO as a mid-term goal," Vladimir Shmatovich, TMK's deputy CEO responsible for strategy and development, said on a conference call.

Shmatovich did not say how much an IPO for the American division might raise.