United Company RusAl said it would not issue more shares, as underwriters of its initial public offering — which saw shares fall a quarter below the listing price — have not opted to buy more equity.

"The over-allotment option has not been exercised by the joint global coordinators on behalf of the underwriters during the stabilization period, and it lapsed on Feb. 26," RusAl said Monday.

RusAl floated about 10 percent of its stock amid great fanfare in late January — raising $2.2 billion to pay down debt while becoming the first ever non-Asian firm to list in Hong Kong.

But shares have fallen sharply since the IPO as investor interest in the heavily indebted producer waned.

Questions have also surfaced about RusAl's operations in Guinea, with the West African government threatening to overturn the 2006 sale of the Friguia alumina refinery.

Guinean Mines Minister Mahmoud Thiam said Monday that the government is prepared to hold talks with the Russian miner.

RusAl sold 1.61 billion new shares at 10.80 Hong Kong dollars ($1.39) each. The shares closed at 7.85 Hong Kong dollars Monday, down 27.3 percent from the initial offering price.

RusAl had said it may issue 225 million extra shares for the option, also known as "greenshoe option" after a company that first used such a scheme, so that the total stake to be floated could be increased to just under 12 percent.

The deadline for the exercise of the option was set for Feb. 26, the 30th day from the listing date.