IRC Ltd., the non-precious metals division of London-listed Russian miner Petropavlovsk PLC (POG.LN), is raising up to US$512 million ahead of a listing in Hong Kong on Oct. 14, according to a term sheet seen by Dow Jones Newswires.

The roadshow began Tuesday, and the company has set a price range of HK$2.2-HK$3.0 per share for the sale of 1.325 billion shares in the IPO.

There is an overallotment option that would allow the sale of a total of 1.523 billion shares that if exercised could raise up to US$588.8 million for the company.

IRC will launch the sale of the IPO to Hong Kong retail investors on Sept. 30 and will price the deal on Oct. 6.

MHL, a wholly owned unit of Asia Resources Fund, which is managed by private equity firm General Enterprise Management Services (International) Ltd., and CEF Holdings Ltd., a joint-venture that is 50% owned by tycoon Li Ka-shing's Cheung Kong (Holdings) Ltd. (0001.HK) and 50% owned by Toronto-headquartered Canadian Imperial Bank of Commerce (CM), are cornerstone investors and will invest a total of US$60 million in the IPO.

Bank of America Merrill Lynch, BOC International Holdings Ltd., and UBS AG are bookrunners on the deal.

-By Nisha Gopalan, Dow Jones Newswires; 852-2832-2343; nisha.gopalan@dowjones.com
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