RUSAL IPO to price in top half of range -sources

* Price to be between HK $10.8 and HK $12.0 - sources

* Earlier range was set at HK $9.1-HK $12.5

By Olga Popova and Kennix Chim

MOSCOW/HONG KONG, Jan 20 (Reuters) - The public listing of Russia's UC RUSAL , Hong Kong's first-ever primary share offering by a non-Asian company, is expected to price in the top half of its expected range, sources close to the deal said on Wednesday.

Several financial market sources told Reuters potential investors were being guided to a price between HK$10.8 and HK$12.0 -- above the mid-point of RUSAL's earlier announced range of HK$9.1 and HK$12.5.

A further source in Hong Kong said the IPO was fully subscribed on the sixth day of bookbuilding. The offer is scheduled to close on Thursday at 1500 GMT.

UC RUSAL, the world's biggest aluminium company, won approval to list on the Hong Kong stock exchange late last year after securing a deal to refinance its $16.8 billion debt pile.

The IPO has been blocked from retail investors due to risks such as future debt repayments and a London court case against the group's controller, Russian industrial magnate Oleg Deripaska. 

While full investor coverage of an IPO is a relief for the company and underwriters trying to sell the offering, it is by no means a complete gauge of pre-IPO demand.

That will be determined on Friday when the final price is announced.

RUSAL, which is aiming to raise up to $2.6 billion from the offering, started taking orders on Jan. 12, within its HK$9.10 to HK$12.5 per share price range, and will cease bookbuilding on Jan. 21.

RUSAL's offering was fully covered on the third day of bookbuilding, based on the bottom of the offering price at HK$9.10, sources told Reuters earlier.

(Additional reporting by Daisy Ku; Writing by John Bowker; Editing by Chris Lewis and David Holmes)

(US$1=HK$7.75)