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Glencore makes strong debut
Mon, 21 May, 2012
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Glencore makes strong debut
Thu, 19 May 2011, 10:06:00
Commodity trading house <b>Glencore</b> has made a strong debut as it starts trading in London.
 
 The shares, which floated at 530p, moved as high as 553p and remain well above its flotation price. They are currently trading conditionally and will be fully listed on 24 May.
 
 The offering valued Glencore at £36.7bn and was expected to raise about £6.8bn. It is the biggest ever IPO in London and Glencore is expected to be moved into the FTSE 100 at the end of trading on 24 May.
 
 Glencore has headquarters in Baar, Switzerland and markets metals and minerals, agricultural products and energy products. It also owns many production assets including copper mines, zinc mines and oil and coal production facilities. 
 
 It is floating at a time of strength in the commodity markets though since the company set the initial flotation price range on 4 May commodities markets have been on a roller coaster ride, with the including a stomach churning dive for copper, oil and silver in particular. That seems not to have deterred investors, however, who may be mindful of the fact that commodity traders can make just as much money when the market dives as when it soars.
 
 "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 chief executive Ivan Glasenberg. 
 
 "We welcome and look forward to building long-term mutually beneficial relationships with our new shareholders, as we have with our customers, suppliers and capital partners over the years."
 
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 RG
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