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IPO for world's largest commodities trader Glencore


IPO for world's largest commodities trader Glencore


Top mining and commodities trader firm Glencore aims to raise up to 8.4 billion euros with an initial public offering of shares which will be the largest ever in London. It will also list on the Hong Kong market.

The money raised will enable the Swiss based company to invest further in miners and pay down its debt.

The IPO will also make paper fortunes for its publicity-shy partners. The May listing will also propel the group and its top management into the limelight they have previously shunned.

Glencore mines, produces and ships raw materials across the globe to carmakers, oil companies, utilities, steelmakers and food giants.

Many potential investors were cautious even though analysts and fund managers said the shares would find demand, despite ongoing volatility in the markets and nervousness around new issues.

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