Reuters reported that at least 16 investment banks are in the running for a planned USD 2 billion stock market flotation by the world's biggest aluminum producer UC RUSAL.

Banking sources said that the list already includes 16 banks. I know that there is a huge syndicate. They said that although the final number had yet to be decided.

The sources named Credit Suisse, Chinese BOCI International and BNP Paribas as possible global coordinators of the placement. They said that RUSAL, controlled by tycoon Mr Oleg Deripaska had a meeting with analysts last week which sources believe indicates that the company intends to launch the IPO in December.

The IPO is set to be launched in Hong Kong and in Paris. RUSAL plans to use the proceeds to reduce outstanding debts of around USD 16.8 billion. It said that banks had agreed to restructure half its international debt but it declined to comment on the IPO.

(Sourced from Reuters)