Interpipe cools to 2008 IPO

Interpipe, the Ukrainian steel group that includes Nyzhnyodniprovsk Pipe (NITR: HOLD), Novomoskovsk Pipe (NVTR: HOLD) and Niko Tube, renounced intensions to hold an IPO in 2H08 on the London Stock Exchange due to unfavorable market conditions, group’s CEO Hennadiy Hazin told the Financial Times yesterday. The group said that currently it isn’t in strong need of financing, as it has recently raised a 10.5-year loan from Barclays and Citibank for USD 344 mln at 3.78%. In 2007 Interpipe’s owner Viktor Pinchuk told the group intends to attract in 2H08 no less than USD 1 bln via an IPO.