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. Last Updated: 07/27/2016

Polymetal Kicks Off IPO Tour

Polymetal, Russia's largest miner of silver and second-largest of gold, has kicked off a two-week roadshow ahead of an international listing it hopes will raise more than $500 million, the company and bankers said Thursday.

The roadshow begins as Suleiman Kerimov, the owner of the world's fifth-largest silver miner, returns to Moscow after recuperating from a car crash in France in November, a report in Kommersant said. The report could not be confirmed independently.

Banking sources said pricing was due on Feb. 8. Bankers have valued the company from $2 billion to $2.6 billion ahead of the IPO, in which it may sell up to 30 percent.

"The IPO roadshow started yesterday in Moscow. We're on to day two, heading out to our first meeting in London," a Polymetal official said.

Deutsche Bank, Merrill Lynch and UBS are advising on the listing of Polymetal, which will float in Moscow and sell global depositary receipts in London.

Polymetal, which operates four mines in Russia, posted operating income of $77.5 million in the first nine months of 2006, up 45 percent from the same period one year earlier. Revenue grew 29.6 percent to $223.5 million.

Polymetal CEO Vitaly Nesis said this month that the company planned to invest from $170 million to $262 million in three mining projects, including the newly acquired Albazino project in the far eastern province of Khabarovsk.