Rusal IPO ignores retail investors

The Hong Kong regulator has imposed unusual restrictions on private investor participation in the $2bn (£1.2bn) flotation of UC Rusal on the Hong Kong stock market, the first IPO by a Russian company in the city. The Securities and Futures Commission has insisted on a minimum entry level of HK$1m for those wishing to take part in the aluminium group’s float. To discourage small investors further, Rusal will be traded in lots of 200,000 shares (double the previously indicated threshold). The SFC has not formally announced its decision yet.