CHELPIPE, one of the largest producers of steel pipes in Russia, is preparing a share offering in Moscow, four sources familiar with the matter told Reuters yesterday.

The company has already hired banks to organise the potential deal, the sources said. JP Morgan, Citi, VTB, Sberbank and Gazprombank are expected to work on the deal.

Chelpipe tried to list its shares in London twice in 2011, but postponed the deals when it did not get the price it wanted.

This month, it approved a new dividend policy and a new 2024 strategy, adding it was "exploring various options for entering equity markets, including a potential equity offering on Moscow Exchange".

Reuters

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