Glencore raises $10 billion in IPO

19 May 2011

Swiss commodities giant Glencore has raised around $10 billion in its initial public offer (IPO) at the London and Hong Kong stock exchanges.

The stock listing in the biggest IPO so far, values the Baar-based group at approximately $59.2 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, Glencore chief executive officer.

Full dealing in the shares will begin on 24 May in London and 25 May in Hong Kong.

Glencore, the world's biggest commodities trader, with revenue of $145 billion in 2010, has secured $3.1 billion from so-called cornerstone investors, including sovereign wealth funds in Singapore and Abu Dhabi, asset managers and private banks, according to media reports.

The company has confirmed that it had reached agreements with "certain cornerstone investors" who have already accepted to subscribe for 31 per cent of the shares on offer, worth $3.1 billion.