* ChelPipe to list shares on Moscow and London exchanges
* Floating 40 pct stake to raise up to $1 billion - source
* Third Russian company to launch IPO in London this week
(Adds detail, background)
By John Bowker and Kylie MacLellan
MOSCOW/LONDON, Jan 13 (Reuters) - Russian steel pipe maker ChelPipe launched an initial public offering (IPO) of up to $1 billion in London and Moscow, the third Russian company to announce a stock-market flotation in four days.
The company, known in full as Chelyabinsk Tube-Rolling Plant after one of its two main production facilities in the Ural region of Russia, has a 15 percent share of the Russian steel pipe market and supplies the oil and gas industry.
It follows pump manufacturer HMS Hydraulic and coking coal producer KOKS in announcing plans to raise cash in London since Russia came back from its January public holiday earlier this week.
Analysts have said Russian private issuers could raise up to $30 billion this year given the right market conditions. After two barren years, new share issues rebounded in 2010 with companies raising around $5.5 billion.
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Factbox on Russia's IPO pipeline
Dealtalk on the 2011 global IPO market
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ChelPipe, majority owned by Russian billionaire Andrei Komarov, said it would issue ordinary shares in Moscow and global depository receipts in London.
The offering is expected to represent around 40 percent of the company, which is valued at $2 billion to $2.5 billion, a source close to the deal said, with the proceeds from the sale of new shares to be used to pay down debt.
Komarov is also expected to sell some of his stake in the listing, which is set to be priced in the second week of February.
ChelPipe, whose customers include Russia's gas export monopoly Gazprom and the country's top oil producer Rosneft, sells more than 1,000 tonnes of steel pipes a year.
It said its earnings before interest, tax, depreciation and amortisation came in at 13.3 billion roubles ($437.1 million) in the first nine months of 2010, on revenue up 41 percent at 59.2 billion roubles.
JP Morgan is the sole global coordinator and bookrunner on the offering.
($1=30.20 Rouble)
(Editing by Toni Vorobyova, Sharon Lindores)