Russian precious metals giant Polymetal International, which is swapping shares to buy a 100 percent of its parent company Polymetal, has set its share price at 920 pence, Polymetal said on Friday.
Polymetal Int. plans to raise £490.8 million during the initial public offering (IPO) on the London Stock Exchange. The offer includes issuance of 53.35 million new shares, which is approximately 13.8 percent of the company's share capital after the listing, the company said in a statement.
The firm's capitalization was estimated at £3.551 billion, while Polymetal's expected free-float is 50.7 percent of the capital.
Trading on the LSE is scheduled for Friday under stock ticker POLY. Access to the LSE premium class listing segment is expected to be granted on November 2.
Earlier this week Polymetal's share price range was set at 910-1035 pence or $14.51-16.50 per share. On Thursday the upper limit of the range was cut to 920 pence, or $14.60.
HSBC, Morgan Stanley and Deutsche Bank have been appointed as joint global coordinators for the IPO, and as book-runners jointly with VTB Capital, the investment business of Russia's second largest lender VTB.
