UC RUSAL IPO fully subscribed by investors-sources

* UC RUSAL IPO book fully covered by investors - sources * Positive sign for IPO after third day of road show By Kennix Chim and Michael Flaherty HONG KONG, Jan 14 (Reuters) - The initial public offering of Russia's UC RUSAL was fully subscribed by institutional investors on the third day of its bookbuilding process, people familiar with the matter said on Thursday, in a positive indication of demand for Hong Kong's first-ever primary offering from a non-Asian company. The offering, aimed at raising up to $2.6 billion, started taking orders on Tuesday and will close on Jan. 21. The deal has received heavy scrutiny as a result of the company's huge debt burden, outsider status and its high-profile founder. The fact that the IPO is already fully subscribed is a positive sign for the offering, with shares scheduled to debut in Hong Kong and Paris on Jan. 27. The deal also marks the first ever Hong Kong-Paris dual listing. Rusal will trade under the symbol 0486 in Hong Kong. RUSAL, controlled by Russian billionaire Oleg Deripaska, said it planned to offer 1.6 billion shares in a range of HK$9.10 to HK$12.50 each. Around 40 percent of the offering has already been subscribed to by cornerstone investors, which purchase the shares before trading and are subject to a lock-up period before they sell. The other 60 percent of the offering was scooped up by institutional investors, after three days of meetings in Hong Kong, Singapore and London, the sources said. The sources are involved in the deal but declined to be named because the offering is not yet public. The mix of investors includes hedge funds, ultra-rich individuals, and commodity-related metals and mining funds. BNP Paribas and Credit Suisse are the joint sponsors and global coordinators. The joint bookrunners are BofA-Merrill , BOCI, Nomura Holdings , Renassiance Capital, Sberbank and VTB Capital, with Rothschild acting as the financial advisor. (Editing by Chris Lewis)