UC Rusal, the world’s largest producer of primary aluminum, has an informal understanding with JP Morgan Chase and Morgan Stanley for them to act as coordinators and book-runners for its initial public offering, a company spokeswoman said.
Responding to e-mailed questions, the spokeswoman confirmed that the two banks are being lined up for the deal, but said the company hasn’t yet made any formal agreements with the banks, nor decided when and how to come to market.
“Rusal has always made clear that it will undertake a main-market IPO within three years of its creation,” the spokeswoman said.
UC Rusal was born out of the merger of ZAO Rusal, Sual Group and the alumina assets of Glencore AG earlier this year.
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