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Glencore's shares rise in London trading | |
(about 2 hours later) | |
Shares in commodities trading giant Glencore have risen in early conditional trading on the London Stock Exchange. | |
They were priced at 530p each and jumped to 548p shortly after the market opened. The shares later fell back to trade at 534.75p. | |
Full trading will begin on Tuesday. | |
The share offering valued the company at £36.7bn. It was expected to raise about £6.8bn, making it London's largest initial public offering. | |
Glencore is also selling shares in Hong Kong, which have been priced at 66.53 Hong Kong dollars per share. | Glencore is also selling shares in Hong Kong, which have been priced at 66.53 Hong Kong dollars per share. |
The company is expected to be fast-tracked into the FTSE 100 index at the end of its first day of full trading on 24 May. | The company is expected to be fast-tracked into the FTSE 100 index at the end of its first day of full trading on 24 May. |
Glencore's directors and employees still hold about 83.1% of the company, making them extremely wealthy on paper. | Glencore's directors and employees still hold about 83.1% of the company, making them extremely wealthy on paper. |
Chief executive Ivan Glasenberg, the largest shareholder with about 18% of the company, will be worth about £6bn, making him one of the world's richest men. | Chief executive Ivan Glasenberg, the largest shareholder with about 18% of the company, will be worth about £6bn, making him one of the world's richest men. |
"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," he said in a statement to the London Stock Exchange. | "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," he said in a statement to the London Stock Exchange. |