Russia's top gold producer today set a price range valuing it at as much as $9bn (£7bn) as it prepared to stage a comeback on the London Stock Exchange.
Polyus, which is run by the family of Russian tycoon Suleiman Kerimov, expects to raise $400m from the sale of between seven and nine per cent of its shares, which will be listed in London and Moscow.
Further proceeds from existing equity will go to its controlling shareholder, the Kerimov family.
The firm set the price range at between $33.25 and $35.30 per global depositary share in London, which corresponds to a price of between $66.50 and $70.60 per ordinary share in Moscow.
This will result in a market capitalisation range of around $8.5bn to $9bn, the miner said in a statement.
The pricing for the offering is expected on 30 June and will see Polyus, which is currently listed in Moscow, make a return to the London Stock Exchange after a two-year absence.