JP Morgan and HSBC are leading the $700m (€612m) flotation of Vedanta Resources, the mining firm that is aiming to become the first Indian company to list on the London Stock Exchange (LSE).

The US bank is the sole financial adviser and sponsor. JP Morgan and HSBC are joint global co-ordinators and bookrunners of the initial public offering. The company aims to raise $700m and its freefloat will be between 25% and 50%.