The much-delayed stock market flotation of Rusal, the controversial Russian aluminium group, is, if nothing else, a sign of investors recovering their appetite for risk.
Rarely has an offer come to market plastered with so many waivers and warnings. But Oleg Deripaska, the controlling shareholder, and his advisers are betting the improvement in sentiment will help Rusal with its $2.6bn Hong Kong offering.
The company needs the cash to support the restructuring of debts, which last year threatened to overwhelm Rusal – and, as the prospectus says, still might do so. The 1,141-page document opens with a red-letter warning saying the company could lose its status as a going concern if it breaks tight conditions imposed by creditors.
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