HMS cuts float price as market weakens

The Russian pump manufacturer HMS Hydraulic Machines & Systems has slashed the price and size of its London listing, casting further doubt on the chances of a smooth ride for other planned Russian share sales.

HMS's struggle to get over the line came days after the coking coal and pig iron producer Koks cancelled its $520m (£323m) float, citing market conditions. The steel pipe maker ChelPipe and mining group Severstal's gold unit Nord Gold are still due to complete initial public offerings worth a total of $2.2bn this week.

The private companies face competition for investor attention from the more established state sector, with VTB, Russia's second biggest bank, kicking off a $3.6bn fund-raising roadshow on Monday.

HMS, which supplies the oil and gas industry, priced its offering at $8.25 per global depositary receipt, below its guidance range of $9.25 to $12. The offering was also cut back to $360m from $652m.