HMS Hydraulic Machines & Systems is planning to raise about $652 million from its initial public offering (IPO) in London, Reuters reports. The Russian pumps manufacturer will sell a total of 54.3 million of new and existing shares at $9.25 to $12 per share.

HMS will use the proceeds from the offering to pay debt and for acquisitions. The IPO values the group at up to $1.45 billion. The joint book-running managers for the sale are JP Morgan, Morgan Stanley and Renaissance Capital.

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