Polymetal, the Russian mining group, is aiming to raise almost $1bn (€774m) when it floats in London next week, after setting the price range on the deal today.

The company, which outlined plans to list up to 30% of its shares earlier this month in a flotation run by Deutsche Bank, Merrill Lynch and UBS, today set a range of between $7.25 and $9.50 per share which would value it at between $2.3bn and $3bn.