The Russian aluminium giant Rusal will kickstart the biggest float of the year in London this week when it opens a roadshow for top investors ahead of a listing expected to value it at about $30 billion, UK newspapers have reported. The company’s top management, led by chairman Victor Vekselberg and chief executive Alexander Bulygin, is expected to tell institutions that the company plans a full listing on the main London market this autumn, meaning the firm will qualify for the elite FTSE 100 group of companies. Its expected stock market value will put it at about No. 30 in the index, they reported.
Rusal will have to put at least 25 per cent of its equity on to the market to comply with listing requirements, ensuring the float will raise a minimum of $7.5 billion. Vekselberg is rated No. 61 in the Forbes list of global billionaires with a fortune estimated at $10.4 billion. Barring any last-minute changes, he will become the first oligarch to chair a FTSE 100 group.
He made his fortune by building up the aluminium group Sual, which merged with Rusal this year, and is a board member of TNK-BP, BP’s Russian joint venture. He hit international headlines three years ago when he bought the Forbes family’s collection of Fabergé eggs for the Russian nation.
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