“Polymetal … is the pioneer in some sense,” said Valentina
Bogomolova, an analyst at Uralsib Capital in Moscow. “It offers some
confirmation to investors that the Russian government is not generally
against Russian companies being included.”

Polyus Gold this week had to postpone its plans for a London listing, after a
committee chaired by prime minister Vladimir Putin delayed approving the
move. Polyus is part-controlled by Russian billionaire Mikhail Prokhorov,
who has been a vocal critic of the Kremlin

Some analysts have questioned the timing of the companies’ plans against the
background of volatile markets and coolness towards companies with links to
the former Soviet Union.

Polymetal, which had listed in Moscow in 2007 and in London via a secondary
listing of global depositary receipts, had to extend its deadline for
shareholder support and lower acceptance levels to keep the flotation on
course. Existing investors were invited to swap their holdings for shares in
a new Jersey-based holding company but acceptances were marginally short of
the 85pc threshold by the initial deadline.

However, this week’s eurozone rescue deal meant market conditions improved
ahead of Friday’s share sale. Vitaly Nesis, Polymetal’s chief executive,
said: “We are pleased with the outcome of the transaction, which has
received an excellent response from existing shareholders as well as new
investors and demonstrates their confidence in our business.”

The make-up of the FTSE 100 undergoes one of its regular reviews in December,
which is when Polymetal is likely to take its place in the index – and,
accordingly, into the portfolios of many “tracker” pension and
investment funds.