MOSCOW, Nov 30 (Reuters) - IPSCO Tubulars, the U.S. subsidiary of Russian pipemaker TMK, is considering an initial public offering (IPO) of its new and existing shares, it said in a statement.
Russia's largest maker of steel pipes for the oil and gas industry is considering different options for IPSCO but intends to keep a controlling stake, it said in October.
IPSCO has submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the proposed IPO, it said.
TMK declined to comment further.
The number of shares to be offered and the price range for the offering have not yet been determined, it said, and the offering is subject to the completion of an SEC review, market conditions and further approval by TMK.
Both IPSCO and TMK plan to offer IPSCO's shares if they decide to go ahead with the listing, and both plan to use the proceeds from the deal for debt repayment.
Controlled by Russian businessman Dmitry Pumpyansky, TMK paid around $1.7 billion for the IPSCO assets in 2008 and 2009, analysts at VTB Capital said in a note in October.
The potential deal comes amid concerns among some Russian officials and state companies about a potential expansion of U.S. sanctions against Moscow.
TMK, however, has not been affected by Western sanctions. They were imposed against some Russian companies and individuals in 2014 over Moscow's annexation of Crimea from Ukraine.
IPSCO has said it plans to produce over one million tonnes of pipe in 2017 and expects to be running at full production capacity next year as drilling activity in the United States remains high. (Reporting by Polina Devitt; additional reporting by Andrey Kuzmin; editing by Jack Stubbs and Jason Neely)