UC Rusal, the world’s largest smelter of primary aluminum, will retain Morgan Stanley and JP Morgan to lead-manage its planned initial public offering, the newspaper Vedomosti reports, citing banking sources close to the company.
A source at the company’s management told Vedomosti that no decision had yet been taken but both banks were in the running
for the mandate.
Chairman and minority shareholder Viktor Vekselberg said Tuesday the company would look to determine the parameters of its initial public offering in August or September, with a view to floating in November.
Vedomosti cited Vekselberg as saying the size of the free float to be aimed for was more important than attracting extra capital to the company.
Vekselberg and controlling shareholder Oleg Deripaska have issued conflicting statements about the scale, timing and structure of the IPO since announcing the merger of their respective companies Sual and Rusal last year.
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