Russian miner Polymetal is seeking to raise up to 518 million pounds ($826.3 million) from its London stock market listing after setting a price range for the shares, two sources close to the placement said on Monday.
The company, which is seeking a place on the full London stock exchange and entry to the FTSE 100 index finance/markets/index?symbol=gb%21ftse>.FTSE, set the initial price range for the placement at 9.10-10.35 a share, the sources said.
The gold and silver miner plans to issue 50 million primary shares.
It said last month it would seek around 500 million pounds from the listing, which is now expected to be finalised in November.
Polymetal, owned by Russian tycoons Vitaly Nesis and Alexander Mamut as well as Czech private equity group PPF, is one of three Russian companies hoping to get a place in Britain's blue-chip index by the year end.
Polyus Gold and Roman Abramovich's steel maker Evraz are the other two. The trio hope the new listings will broaden their shareholder base and improve access to capital.
Polymetal said earlier on Monday that 83 percent of shareholders had accepted the terms of the offer and it would proceed with the placement.
It secured a $100 million investment from Russian lender VTB Capital earlier in the month.
The final pricing will be announced on October 28.
At the top of the range the company will be valued at 3.9 billion pounds.
Deutsche Bank, HSBC and Morgan Stanley are acting as joint global co-ordinators for the offering. ($1 = 0.627 British Pounds)