Russia"s UC RusAl, the world"s largest aluminum...

RusAl"s IPO, the first share offering by a Russian company in Asia, was originally aimed at paying down its huge debt, but in late 2009 the aluminum producer signed a deal with creditors to restructure $16.8 billion in the next few years.

The aluminum giant sold 1.61 billion new shares, and its current capitalization is $22.3 billion. In comparison, the capitalization of its major rival, U.S. Alcoa, is some $16 billion.

Trading in RusAl shares listed on the Hong Kong Stock Exchange should begin on January 27, Russian business newspaper RBC Daily said on Friday.

The company will also list its shares at Paris" Euronext in the form of Global Depositary Shares (GDSs).

RusAl agreed to sell about half of the new shares to anchor investors. Russian development bank Vnesheconombank (VEB) is the largest of the new shareholders as it agreed to buy 3.15% stake for some $700 million.

Funds owned by British investor Nathaniel Rothschild, Robert Kuok, an influential

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