OGK-2 has become the fourth Russian company in three weeks to cut or pull a large equities sale, after the state-owned electricity generator cancelled its $300m (€210m) convertible bond and slashed its initial public offering.

OGK-2 said today it will raise around $1bn from its London initial public offering, almost a third less than its original target of $1.4bn, and will no longer issue its $300m convertible bond due to lack of investor interest.