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Interpipe Seeking USD 6 Bln MCap in 1H08 IPO

Interpipe Seeking USD 6 Bln MCap in 1H08 IPO

11 October 2008

Interpipe, Ukaine’s largest pipe maker, has confirmed plans to hold an IPO in 1H08. The company plans to place a 17% stake and raise over USD 1 bln. The owner of the company, Viktor Pinchuk, valued Interpipe at USD 6 bln, approximately USD 2 bln higher than our rough valuation for the company (USD 4 bln). There has been a speculative jump in prices for Interpipe’s related Novomoskovsky Pipe (NVTR: BUY) and Nyzhnyodniprovsky Pipe (NITR: HOLD) since Pinchuk’s announcement . Similar to what we saw for Poltava Iron Ore (PGOK: U/R), we expect speculative demand to remain high for these two companies as we head toward the IPO. See our report from September 21 for more details.

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