The world's largest producer of aluminium and alumina, Russia's United Company Rusal Ltd (Rusal) raised $2.24 billion through an initial public offering in Hong Kong, the first ever share offering by a Russian Company in Asia.
The debt-laden aluminium giant announced its plans to raise up to $2.6 billion in Hong Kong IPO about a month ago. (See: Rusal to raise up to $2.6 billion in IPO)
Moscow-based Rusal is the global leader in aluminium industry accounting for approximately 11 per cent of global production of aluminium and 13 per cent of alumina. The company employs over 75,000 people in 19 countries, across 5 continents with a turnover of over $14 billion. Rusal is run buy the Russian billionaire Oleg Deripaska.
The company's main rivals Alcoa and Rio Tinto Alcan have a market share of around 10 per cent each.
Two months ago, the company signed a deal with its creditors to restructure its $16.8 billion debt which had piled up even before the 2008 global financial crisis. Price of aluminium plunged over 30 per cent as the demand for the metal fell worldwide due to the recession.
In a clarification to the Hong Kong Stock Exchange on Thursday, Rusal said its net debt as on 30 June 2009 was at $13.4 billion, and the company estimated a net gain of around $1.1 billion as a result of debt restructuring.