Glencore has made a steady market debut with its shares trading just above the widely expected launch price of 530 pence – that is a fraction over six euros.
There are plenty of buyers after many investors were left out of the initial public offering of shares with demand outstripping supply
Glencore, the world’s largest diversified commodities trader, has raised 7.7 billion euros with the offering to expand through acquisitions.
Some investors, however, have said strong demand in London’s largest ever public offering was largely due to the relatively small amount of shares being sold, to the presence of cornerstone investors.
There were also substantial purchases by tracker funds, which have to own companies that feature in the FTSE 100 index.