MOSCOW, June 4 - Newly-created aluminum giant United Company RusAl has not yet decided on the timeframe for its initial public offering, the spokeswoman for the group said Monday.
Vera Kurochkina said media reports of an upcoming IPO roadshow by the world's largest producer of aluminum and alloys were not based on fact.
"The united company, as was stated before, intends to hold an IPO within three years of its establishment. A decision on the exact timeframe for the IPO has not yet been made," Kurochkina said.
The UK's Sunday Times reported on June 3 that UC RusAl intended to hold an IPO roadshow in London this week, adding that the company would have to put at least 25% of its equity on to the market to comply with listing requirements, ensuring the float will raise a minimum of $7.5 billion.
"The Russian aluminum 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," the paper said.
United Company RusAl was established in March 2007 through a merger of Russian aluminum giants RusAl and SUAL and Swiss Glencore's alumina assets. UC RusAl accounts for 12.5% and 16% of the global aluminum and alumina markets, respectively. The company, which has 100,000 employees, has offices in 17 countries on five continents.
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