So Polymetal International will squeeze into the FTSE 100 after all. The Russian gold miner has managed to raise GBP490.8 million in an offer of new shares. At 920 pence per share, that priced the share offer close to the bottom of the indicative 910p-1035p range. The capital hike raised just enough to enable Polymetal to squeak over the qualification line for inclusion in the FTSE 100 after the FTSE’s next review in early December. Its free float will be 50.7% including global depositary receipts and Moscow-listed shares being swapped for shares in the new Jersey-listed holding company; foreign companies like Polymetal need at least a 50% free float to gain the premium listing needed for inclusion in London’s benchmark index.

But Polymetal will still be entering the FTSE 100 having raised new capital equivalent to just 13.8% of its total equity and having avoided the detailed scrutiny involved in a formal IPO. The clear winners are the three billionaires – including two Russians and one Czech – who hold a combined 45% of the shares. They should gain from any uptick in Polymetal’s value when funds that track the FTSE 100 automatically buy shares in the company in December.

The risk for the FTSE 100 is that such deals dilute its reputation for containing blue-chip companies. Of course, no rules have been broken, and Polymetal may turn out to be a company with solid growth and strong corporate governance. But the UK Listings Authority could soothe fears about undue influence from major shareholders by limiting their interest in any shareholder votes to under 30%, in line with the UK’s rules on takeovers. More broadly, the both the UKLA and the FTSE should consider whether fast-track listings of little-known companies are really what London wants to become known for.

– Andrew Peaple

More Coverage

HEARD ON THE STREET: Polymetal’s Offering Fails To Shine

HEARD ON THE STREET: The FTSE 100: From Blue Chip to Fool’s Gold