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Russia’s Rusal, the world’s top aluminium producer controlled by Russian businessman Oleg Deripaska, is ready to file a prospectus for a Hong Kong listing, which will value the firm at $30 billion, the Sunday Times said.
Directors of Rusal are expected to approve the $3 billion IPO, which would be one of the largest this year, this week and file an application before week’s end if the board approves, the newspaper said on Sunday without identifying its sources.
Rusal plans to list 10 percent of its shares in Hong Kong, and the deal is being advised by Credit Suisse and Goldman Sachs, it added.
The float is conditional on the resolution of long-running talks to restructure Rusal’s $16 billion of debt.
The company is talking with several sovereign wealth funds, including China Investment Corp and Singapore’s Temasek, in the hopes of signing them as cornerstone investors in the deal, the paper reported.
Formal marketing would start in November ahead of a projected pricing of the shares and listing in December, it added.
Hong Kong Exchanges & Clearing said last year that it was in initial talks with Basic Element, the holding firm of Rusal, over listing its units in the city.