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Investors queue up ahead of Glencore flotation
Mon, 21 May, 2012
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Investors queue up ahead of Glencore flotation
Wed, 6 Apr 2011, 14:28:00
Investors have shown a strong appetite for shares in <b>Glencore</b>, the Swiss-based commodity house that is planning to list in London next month.
 
 The company plans to allocate between 20% and 30% of its initial public offering (IPO) to investors who are committed to buy shares ahead of the float. The Financial Times quotes a person closely involved in the IPO as saying that it is already oversubscribed.
 
 Glencore showed its worth last month with a strong profits rise. Net income jumped by nearly 40% to $3.8bn, while revenue was up by 45% at $145bn. Glencore said it "benefited from stronger metals prices and improving market sentiment in important end-user industries such as automotive and construction." 
 
 A London listing could value Glencore at as much as $60bn, which would see it joining the FTSE 100.
 
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 RG
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