Alfa Bank and UBS yesterday priced shares in Amtel, Russia's largest tyre manufacturer, 15% below the bottom of an indicative price range. It is the first time this year a Russian company has failed to price within its range for an initial public offering on the London Stock Exchange.

Shares were priced at $11 per share, 24% below the mid-point of their expected $13 to $16 a share price range announced a fortnight ago by the joint bookrunners.