Libya"s sovereign fund has bought the most...
and domestically, and is now struggling to repay its liabilities.RusAl sold 1.61 billion new shares at HK $10.8 ($1.39) each compared with the IPO"s indicated price range of HK $9.1-12.5 ($1.17-1.61). The offer price valued the company at $21.3 billion. By comparison, U.S.-based Alcoa traded at $13.06 billion and the aluminum corporation of China (Chalco) at $23.36 billion on Friday, Vedomosti said.
Despite the high offering price of new shares, RusAl"s bid book was heavily oversubscribed, allowing the aluminum giant to attract more than 300 new shareholders, including cornerstone investors such as Nathaniel Rothschild"s NR Investments, U.S. hedge fund Paulson & Co. and Malaysian-Chinese billionaire Robert Kuok Hock Nien, the paper said.
Trading in RusAl shares listed on the Hong Kong Stock Exchange is scheduled to begin on January 27.
MOSCOW, January 25 (RIA Novosti)
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