Russian Helicopters pulls London IPO plans

Plans by Russian helicopters to stage a $500 million IPO in London have been shelved.

A statement from Andrei Reus, the Head of Oboronprom, Russian helicopters parent company, made clear that recent market volatility has created an environment where to proceed with the IPO could result in a less than optimal result. "After constructive discussions with potential investors, we came to the view that market players need to be given time to evaluate the company's true value and its prospects."Russian Helicopters had announced a price range of $19-$25 per share and global depository receipt on April 26, which could have seen the company valued as high as $2.3 billion, with the company looking at a %500 million placement to pay off debts and to fund the buyout of minorities in subsidiaries.