– sources

HONG KONG/MOSCOW/LONDON, (Reuters) – Russia’s UC  RUSAL, the world’s largest aluminium producer, raised US$2.24  billion when it priced its Hong Kong and Paris initial public  offering at the middle of an indicated range, two sources  familiar with the deal said yesterday.

RUSAL, the first-ever non-Asian company to have a primary  listing in Hong Kong, sold 1.61 billion new shares, or just  under 11 percent of its enlarged share capital, at HK$10.80  each, the sources told Reuters.

The IPO’s original indicated price range was HK$9.10 to  HK$12.50, although sources told Reuters on Wednesday the range  had been narrowed to $10.80-$12.00.

One of the sources said the IPO attracted more than 300  institutional investors.

UC RUSAL will also list shares in Paris in the form of  Global Depositary Shares (GDSs), with each GDS representing 20  ordinary shares.

RUSAL’s trading debut is set for Jan. 27, under the symbol  “486”.

RUSAL’s offering has received heavy scrutiny from Hong  Kong’s financial regulators, thanks to the company’s huge debt  burden, outsider status and controversial founder, Russian  billionaire Oleg Deripaska.