By Michael Flaherty and Robin Paxton

HONG KONG/MOSCOW (Reuters) - UC RUSAL plans to raise up to $2.6 billion in a landmark Hong Kong IPO next month and is betting on aluminum price growth to repay nearly $15 billion in debt and restore profits after a miserable first half of 2009.

The world's largest aluminum maker on Thursday unveiled a 1,141-page prospectus for the first Russian share float in Hong Kong, detailing its finances in public for the first time and answering concerns related to billionaire owner Oleg Deripaska.

"The valuation appears to be very aggressive," said Chris Weafer, chief strategist at Russian investment bank UralSib.

UC RUSAL is the jewel in the crown of Deripaska's business empire and helped its majority owner to the head of Russia's rich list before the economic crisis more than halved the value of the aluminum produced by its Siberian smelters.

UC RUSAL is offering 1.6 billion shares, or a stake of about 10 percent, in a range of HK$9.10 to HK$12.50. The January 27 listing will be among the first major IPOs of a non-Asian firm in Hong Kong and the first Hong Kong-Paris dual listing.

The company spent most of this year in talks with creditors to secure Russia's biggest ever restructuring deal, clearing the way for it to go public. Pricing at the top of the range would raise $2.58 billion, and at the bottom, $1.87 billion.

"A valuation closer to $1.5 billion for that stake had been considered by many potential investors as more appropriate," said Weafer.

The offer price values UC RUSAL at 11 to 14 times 2010 basis EV/EBITDA and means the company values itself at upto $26 billion.

Aluminum Corp of China Ltd <601600.SS> <2600.HK> trades at about 12 times, a source close to the deal said. Another major aluminum producer, U.S.-based Alcoa <AA.N>, has a market capitalization of $15.6 billion.

The IPO has attracted a list of big name investors, including Nathaniel Rothschild's company and U.S. hedge fund Paulson & Co, but has not been without hiccups.

It was delayed by Hong Kong authorities due to caution over RUSAL's massive debt burden and approval was granted with an unprecedented proviso barring the sale of shares to Hong Kong's retail market, a hungry group of individual investors usually allowed at least 10 percent of an IPO's shares in the city.

UC RUSAL said its debt obligations would also impose "strict limits" on capital expenditure and dividend payments.

RUSAL revealed an $868 million net loss for the six months ended June 30 versus a year-earlier profit of $1.41 billion and said growth in aluminum prices would be crucial to recovery.