London-listed Petropavlovsk group, which operates gold and mining assets in Russia, intends to alter the terms of an Initial Public Offering of its IRC non-precious metals division, the company said on Friday.
Initially, the company planned to place 1.07 billion new shares and 255 million existing IRC shares on the Hong Kong stock exchange to raise between $366.6 and $500 million.
"The Hong Kong retail offer was over-subscribed. Total demand from investors exceeded IRC's minimum requirements for the shares to be issued, but did not meet the company's expectations," the company said in a statement.
As a result, the group decided to alter the terms of the global offering. IRC plans to publish a supplemental prospectus in Hong Kong which would result in a short delay in the timetable, the company said.
IRC, based in Hong Kong, comprises the Vanadium Pentoxide plant, Titanium Sponge project and some infrastructure projects.
RIA Novosti
