The company, majority owned by Russian billionaire Oleg Deripaska, intends to use the money to help pay its $14.9bn debt.
It will become the first Russian company to be listed on the exchange when trading begins on 27 January.
In a 1141-page prospectus, Rusal detailed its finances in public for the first time and admitted that its debt obligations would also impose ‘strict limits’ on capital expenditure and dividend payments.
Rusal spent most of 2009 in talks with creditors, clearing the way for it to go public. Its plans have been delayed by Hong Kong authorities who granted approval for the listing to go ahead on the proviso that shares are not sold to Hong Kong’s retail market.
Instead, the Initial Public Offering is likely to attract list of big name investors, including Nathaniel Rothschild’s company and US hedge fund Paulson.
Rusal revealed an $868M net loss for the six months ended 30 June, compared to a $1.41bn first-half profit last time. The company said growth in aluminium prices would be crucial to recovery and its ability to pay its debt.