MOSCOW, September 29 (RIA Novosti) - Russian London-listed gold and ore miner Petropavlovsk Group may raise between $366 million and $500 million from an Initial Public Offering on the Hong Kong stock exchange on October 14, the company said on Wednesday.
The company will offer 1.325 billion shares at 2.2-3.0 Hong Kong dollar per share.
Petropavlovsk plans to offer for sale its non-precious metals business, IRC mining company. The company will offer 1.070 billion new shares of IRC and 255 million outstanding securities, the company said in a statement, adding that the offering price would be announced on October 13.
After the IPO, Petropavlovsk will remain the core shareholder of IRC with a 54.3-57.5 percent stake, it said.
Petropavlovsk's core assets include Aricom metallurgical company and Petropavlovsk Plc, previously Peter Hambro Mining Plc. The group also includes gold mining companies, Moscow and Far East Russian banks, construction and exploration companies and design institutes.
