Russian aluminum company Rusal has raised US$2.24 billion (HK$17.4 billion) from its initial public offering (IPO) in Hong Kong, making it the first Russian company to list in the city. 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 Rusal 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 range of HK$10.80 to HK$12 that the bookrunners went out with towards the end of the bookbuilding. It was reported that more than 350 institutional investors had came into the deal, which was more than two times covered.
Meanwhile, Mongolia-based coal miner SouthGobi Energy Resources has also raised HK$2.89 billion (US$373 million) from a separate share sale that was very well received. While SouthGobi has all its mining operations in Mongolia, the company is Canadian and it is already listed in Toronto. The Hong Kong stock exchange has worked hard in recent years to broaden the line-up of new listings beyond companies from Greater China.
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