Thursday, January 28, 2010
Rusal botches its IPO
The Russian aluminium company’s stock market debut seemed ill-fated from the start.
Oh dear. Dogged by controversy ever since Rusal announced its intention to list on the Hong Kong Stock Exchange, its IPO on January 27 floundered after launch. The company’s shares plunged more than 10% after the first day of trading as investors gave a big thumbs down to the Russian aluminium producer.
This was an IPO that was a disaster in the making.
Two previous attempts to list were abandoned. The latest attempt was originally slated to launch before Christmas after Rusal signed off on a restructuring of its $14.9 billion of debt at the end of November. But the date was pushed back because Rusal had failed to fulfil a number of the exchange’s conditions, including its profit requirement. The transaction was given the green...
You must be a trialist or subscriber to view this content
Please Subscribe or take a Free Trial below.
Already a subscriber? Log in here.
Subscribe online today
- Euromoney magazine in print
- Unlimited access to Euromoney.com
- Over a decade of archived content
- All the latest industry news, analysis and commentary
- Access to all our survey and award results
- More than 30 specialist supplements a year
- Personalised email news feeds
Subscribe
Free 48 hour access
- Online access to Euromoney.com
- Comment and in-depth analysis of the international capital markets
- The best of our editorial comment by email
- Complimentary digital magazine sample
Start Trial
Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888
