MOSCOW (Reuters) - Russia's top gold producer Polyus said on Thursday it had set a price range for the offering of between 7 and 9 percent of its shares, including new shares, in London and Moscow.
Polyus expects to raise $400 million (313.7 million pounds) from the sale of new shares. Further proceeds from existing equity will go to its controlling shareholder, the family of Russian tycoon Suleiman Kerimov.
The price range was set at $33.25-$35.30 per global depositary share in London, corresponding to a price of $66.50-$70.60 per ordinary share in Moscow. The latter will be paid in roubles, it said in a statement.
This price range will result in a market capitalisation of between $8.5 billion and $9.0 billion on a pre-money, fully diluted basis, including treasury shares, Polyus added.
Polyus shares were down 2 percent in Moscow at 4,367 roubles ($75.9) compared with a 1.6 percent fall in the broader MICEX index. Russian stocks fell to their lowest since November on Thursday on new U.S. sanctions.
The pricing for the Polyus offering is expected on June 30, the Moscow Exchange said earlier on Thursday.
Goldman Sachs (NYSE:GS) International, JPMorgan (NYSE:JPM), Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners, while BMO Capital Markets, Gazprombank and Morgan Stanley (NYSE:MS) are joint bookrunners.