LSE CEO Xavier Rolet
JOHANNESBURG (miningweekly.com) – The LSE has a strong record of funding growth of Russian mining companies and the return of gold miner Polyus two years after it delisted shows the London bourse remains a “natural destination” for Russian companies, LSE CEO Xavier Rolet said on Wednesday.
“The listing demonstrates London’s ability to deliver substantial equity funding to ambitious businesses from around the world. It also underlines the fact that London remains the natural destination for Russian companies seeking access to international investor capital,” he said in a statement, welcoming Polyus back to the LSE.
The company delisted in 2015 amid Western sanctions over its role in the Ukraine crisis. It was readmitted on Wednesday.
On Friday, Polyus announced it had raised $879-million through a 9% equity offering to international investors, valuing the company at $8.9-billion. The initial public offering was Russia’s largest for 2017.
The company has raised $2.05-billion in debt capital in London over the last decade, and most recently, raised $800-million through a Eurobond placement on London’s main market.
A total of 99 Russian and Commonwealth of Independent States (CIS) companies are listed and traded on the London market, with a total market capitalisation of about $512-billion. Since 2004, Russian and CIS businesses have collectively raised $78-billion in equity and $120-billion in debt in London.