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Glencore IPO brings in $10 billion

Swiss commodities firm Glencore has raised about $10 billion (SFr8.83 billion) in its initial public offering set at 530 pence per share in London.

Based in Baar in canton Zug, the company set the final share price on Thursday; it falls in the middle of the 480-580 pence range that Glencore had announced in early May.

At this price, the world’s biggest commodities trader will be worth $59 billion. Last year its revenue was $145 billion.

"Glencore's offer has seen substantial interest from investors around the world and was significantly oversubscribed throughout the price range providing Glencore with a high quality, diverse and geographically spread investor base," said Ivan Glasenberg, the company’s chief executive officer.

Conditional trading began on Thursday on the London stock exchange; full official trading of the shares will start on May 24 in London and on May 25 in Hong Kong.

Founded in 1974 by Marc Rich, Glencore deals in metals, minerals, crude oil and agricultural supplies.

swissinfo.ch and agencies


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