The positive result stems from the cut in valuation, after pricing was reduced from a range of €16-€19.50. The drop in enterprise value was far less dramatic than the share price suggests: by maintaining the proceeds level and adjusting the number of shares issued, the final EV was just 7% lower than the bottom of the original range.

BNP Paribas, Credit Suisse and RBS were joint bookrunners.

Banks had suggested that volume would be limited on the first day and this has broadly held with just under 11% of the total deal traded. However 40% of the deal is held by cornerstones which are subject to a lock-up so the share of tradable stock is 18%, closer to average for a debut.

The trade lot was set at HK$200,000 in order to keep retail out of the IPO (at the regulator’s insistence), but that has meant a lack of support on the first day. Retail have been notable for buying into new names on their debuts in HK.

Rusal closed in Hong Kong at HK$9.65 from a HK$10.80 issue price, while the GDRs were at €17.71 at 11am, down from €19.91. Each GDR is equivalent to 20 HK shares.

Whether the lead banks are using up the greenshoe in stabilising the stock is unclear. Debuts have been tough in every region and banks have quickly given up on burning through greenshoes in an effort to support stock prices. On Delta Lloyd the leads used less than 30% of the greenshoe before conceding it was futile and letting the stock fall. Ultimately in that case the stock settled and moved gradually back above issue price and most of the greenshoe could then be exercised.