Aluminum giant Rusal raised US$ 2.24 billion through its initial public offering at the Hong Kong Stock Exchange, becoming the first ever non-Asian company (it is Russian) to be listed at this market. Eleven per cent of the company's enlarged share capital were offered; Rusal is also listed at the Paris Stock Exchange and at the Moscow Stock Exchange. Some sources said the IPO was priced at the middle of an indicated range, which indicates that demand was not at its strongest point.