Vimetco N.V., is a global, vertically integrated producer of primary aluminium and processed aluminium products, with operations in Romania and China. Its recent IPO provided a rare example of pricing away from bottom of the price range.

The result was even more surprising as the deal went priced after the largest one day fall in the FTSE 100 for several years. The deal saw 10.5m primary GDRs issued and 46.8m secondary placed to give proceeds of US $515.7m, rising to US $593.1m with the 8.6m GDR greenshoe.

The placing gave the company a free-float of 30% post greenshoe, with Romal Holdings left with 60% and Willast Investments with 10%. IPO pricing implied a market capitalisation of around $2 billion.

Vimetco currently is a top 10 aluminium producer in China and the largest in central and eastern Europe, received $94 million of the proceeds.