January 21, 2010 / 11:17 PM / 10 years ago

RUSAL raises $2.24 bln in Hong Kong IPO - sources

HONG KONG/MOSCOW, Jan 22 (Reuters) - Russia’s UC RUSAL, the world’s largest aluminium producer, raised US$2.24 billion when it priced its Hong Kong and Paris initial public offering at the middle of an indicated range, two sources familiar with the deal said on Friday.

UC RUSAL, the first-ever non-Asian company to have a primary listing in Hong Kong, sold 1.61 billion new shares, or just under 11 percent of its enlarged share capital, at HK$10.8 each, the sources told Reuters.

The IPO’s original indicated price range was HK$9.10 to HK$12.50, although sources told Reuters on Wednesday the range had been narrowed to $10.8-$12.0

One of the sources said the IPO attracted more than 300 institutional investors.

UC RUSAL will also list shares in Paris in the form of Global Depositary Shares (GDSs), with each GDS representing 20 ordinary shares.

RUSAL’s trading debut is set for Jan. 27, under the symbol “486” (0486.HK).

BNP Paribas (BNPP.PA) and Credit Suisse CSGN.VX are the joint sponsors and global coordinators.

The joint bookrunners are BofA-Merrill Lynch (BAC.N), BOC International, Nomura Holdings (8604.T), Renaissance Capital, Sberbank SBER03.MM and VTB Capital (VTBR.MM), with Rothschild acting as the financial advisor. (Reporting by Kennix Chim in Hong Kong and Daisy Ku in London, Writing by John Bowker / Editing by Robin Paxton in Moscow)

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