UPDATE 1-Molycorp to raise up to $350 mln in IPO

* To use proceeds to fund expansion of its Mountain Pass plant

* Intends to list the stock under "MCP" on NYSE

April 16 (Reuters) - Minerals producer Molycorp Inc filed with U.S. securities regulators on Friday to raise up to $350 million in an initial public offering of common stock.

The company, which produces rare earth elements used in clean energy technologies, defense applications and fiber optics, said it plans to list its stock on the New York Stock Exchange under the symbol "MCP," but did not reveal the number of shares it plans to sell.

Molycorp said it intends to use the proceeds to fund the modernization and expansion of its Mountain Pass facility and other general corporate purposes.

The company told the U.S. Securities and Exchange Commission in a preliminary prospectus that J.P. Morgan and Morgan Stanley were underwriting the IPO. (Reporting by Abhinav Sharma in Bangalore; Editing by Ratul Ray Chaudhuri)