Rusal Said to Raise $2.2 Billion in Hong Kong IPO (Update2) - Bloomberg.com

Rusal Said to Raise $2.2 Billion in Hong Kong IPO (Update2) - Bloomberg.com:

"“Thanks to the SFC these professional investors got it a lot cheaper than they would have otherwise,” said Hong Kong- based Ben Collett, head of equities at broker Louis Capital Markets (Hong Kong) Ltd., before the final pricing. “Looking to the future, I suspect the quality of these listings will decline, ironically, as the confidence increases.”

While Hong Kong’s Securities and Futures Commission approved Rusal’s IPO, it ruled the offering couldn’t be marketed to the city’s retail investors. Rusal sold shares to international institutions, professional investors and wealthy individuals ordering at least HK$1 million of stock each."