Alfa Bank analysts valued UGC's share capital at 140.5-170.8 billion roubles ($1.53-1.86 billion).
Britain imposed sanctions on 29 individuals and entities in Russia's gold and oil sectors on Wednesday, including Strukov and two of Russia's largest gold producers, Nord Gold and Highland Gold Mining, but not UGC itself.
Britain's National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions.
Strukov said the IPO would allow UGC to reach more investors, diversify the shareholder structure and lower its debt burden.
A string of small offerings has breathed some life into Russia's equity capital markets in recent months.
Persons:
Uzhuralzoloto, Konstantin Strukov, Strukov, Anastasia Lyrchikova, Felix Light, Alexander Marrow, Mark Potter
Organizations:
UGC, Alfa Bank, Reuters, Nord, Highland Gold Mining, Crime Agency, Astra, Thomson
Locations:
Russia, Ukraine MOSCOW, Moscow, Britain, Ukraine, Nord Gold