 |
The world’s largest diversified commodities trader set a price range of 480 to 580 pence per share for the London IPO on Wednesday, confirming an earlier Reuters report.
That values it at $61bn at the mid-point, in line with early forecasts.
Glencore, which is planning a dual London and Hong Kong listing, said it is targeting gross proceeds of around $10bn, before a 10% over-allotment option.
The listing will boost Glencore’s firepower for deals amid a boom in commodity prices, but will also push Glencore into the public eye after 37 years as a discreet private company, and will turn publicity-shy executives including chief executive Ivan Glasenberg (pictured), a former coal trader, into paper billionaires.
Glasenberg is Glencore’s largest shareholder with as much as 15%, but his precise holding, along with other details, will not be made public until the company publishes its full prospectus later yesterday.
Glencore’s estimate of its future market capitalisation puts the company just above the mid-point of a wide $45bn to $73bn value implied by numbers released by Glencore in its intention-to-float last month.