The Russian aluminium firm Rusal plans to raise as much as $2.6bn from its public listing in Hong Kong.
It is the first Russian company to be listed on the exchange. Trading is expected to begin on 27 January.
Rusal will sell 1.6bn shares at a price between 9.1 Hong Kong dollars ($1.20; 73 pence) and 12.5 Hong Kong dollars.
The firm is banned from selling shares to retail investors. Any wealthy individuals who want to invest must buy at least 1m Hong Kong dollars' worth.
The sale has been delayed twice because of concerns about the company's $14.9bn debt.
"Given the high debt of Rusal and oversupply in the aluminium sector, it is not attractive to investors based on fundamental analysis," said Steven Leung, director of institutional sales at UOB-Kay Hian.
Rusal is controlled by the billionaire Oleg Deripaska. The company said in a statement that it intended to use the money raised from the listing to pay down its debt.