Freshfields Bruckhaus Deringer and Clifford Chance (CC) have taken lead roles on Russian gold and silver mining company Polymetal's $500m (£317m) initial public offering (IPO) on the London Stock Exchange.

Polymetal, the world's third-largest silver producer, hopes to join the FTSE 100 index with the move, having recently posted a market capitalisation of approximately $7bn (£4.4bn).

Freshfields took the lead role for the company, which is currently listed on the Moscow Stock Exchange and has traded in London since 2007. The magic circle firm fielded a team under London corporate partner Harvey Nugent, who is currently on secondment in Moscow.

CC, meanwhile, advised joint global co-ordinators Deutsche Bank, HSBC and Morgan Stanley, as well as joint bookrunner VTB Capital. The firm fielded a team under co-head of the European equity capital markets practice, Adrian Cartwright, who worked alongside US securities partner John Connolly and Moscow-based Arthur Iliev.

Earlier this year, Cartwright led the CC team advising the underwriters on commodities trader Glencore's IPO.

CC also advised the underwriters on Prada's $2.1bn (£1.3bn) Hong Kong listing earlier this year, fielding a team under Hong Kong capital markets partner Virginia Lee.

Cartwright commented: "[The firm's] involvement in yet another major Russian transaction is testament to the strength of our Russian ECM practice in London and Moscow, particularly in light of the current market conditions."