rusal-forced-to-delay-hong-kong-ipo-until-2010

Rusal forced to delay Hong Kong IPO until 2010

The Hong Kong stock exchange wants more time to go through the listing documentation, sources say, leaving no room for the Russian aluminium giant to go public before year end.

Russian aluminium producer Rusal has been forced to postpone its planned initial public offering in Hong Kong until next year after sources said the Hong Kong stock exchange felt it needed more time to review the company's listing application. The IPO was expected to raise about $2 billion and include a listing in both Hong Kong and Paris.

Rusal had been hoping to secure a listing approval following its second hearing with the stock exchange's listing committee on Monday and had drawn up a compressed marketing plan that would see it launch an institutional roadshow today with the aim of having its shares start trading on December 23. That will not happen now and means...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222