Rusal pulls off world's largest IPO so far this year

Russian aluminium company Rusal raises $2.24 billion, while Mongolia-based coal producer SouthGobi pockets $373 million from a separate share sale, broadening the geographies of companies that trade in Hong Kong.

United Company Rusal will become the first Russian company to list in Hong Kong on Wednesday after it overcame the scepticism and negative press related to its debt situation and the structure of the deal to raise HK$17.4 billion ($2.24 billion) from its initial public offering. At that size, it is not only the largest new listing in Hong Kong by an issuer from outside Greater China, but also the largest IPO globally year-to-date.

The offering was priced at HK$10.80 per share, which was the mid-point of the original price range, but the bottom of the slightly tighter guidance ...