Shares of Polymetal started conditional trading in London on Friday and nudged slightly higher after pricing at the low end of a range.
The miner, owned by tycoons Alexander Nesis and Alexander Mamut with Czech investor PPF, along with Polyus Gold and steelmaker Evraz are set to make history if — as expected — they become the first Russian stocks to enter the blue chip FTSE 100 Index.
Polymetal's shares rose 3.4 percent to £9.51 ($15.32) above the offer price at the start of conditional trading, which refers to trade ahead of official listing on the exchange. By 10:17 GMT, shares were back to their starting price of £9.20. Official trading in the shares begins on Nov. 2.