Swiss commodities firm Glencore has raised about $10 billion (SFr8.83 billion) in its initial public offering set at 530 pence per share in London.
This content was published on
1 minute
swissinfo.ch and agencies
Based in Baar in canton Zug, the company set the final share price on Thursday; it falls in the middle of the 480-580 pence range that Glencore had announced in early May.
At this price, the world’s biggest commodities trader will be worth $59 billion. Last year its revenue was $145 billion.
“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 Ivan Glasenberg, the company’s chief executive officer.
Conditional trading began on Thursday on the London stock exchange; full official trading of the shares will start on May 24 in London and on May 25 in Hong Kong.
Founded in 1974 by Marc Rich, Glencore deals in metals, minerals, crude oil and agricultural supplies.
Popular Stories
More
Swiss Abroad
How centuries of Swiss emigrants left their mark on the US
Bodycams: essential for good law enforcement, or a privacy risk?
Did you ever come across bodycams in your place of residence and if so, how do you think the use of bodycams alter the relationship between the public and (transport) police?
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Glencore announces share float
This content was published on
The company says it aims to sell its shares for between $8-$9.67 on the London Stock Exchange starting May 24. A secondary flotation is planned for Hong Kong a day later. Glencore aims to raise about $10 billion from the initial public offering that will catapult it straight into the FTSE 100 on the first…
This content was published on
The long-awaited listing on the London and Hong Kong stock exchanges is expected to fetch up to $11 billion (SFr9.8 billion) for new acquisitions. However, the move was not welcomed by pressure groups that accuse the firm of exploiting developing countries. Canton Zug-based Glencore has established itself as a powerhouse in the oil, minerals, metals…
This content was published on
Daniel Ammann, who interviewed Rich extensively for his book, The King of Oil, told swissinfo.ch how an oil pipeline through Israel – a joint venture between Iran and Israel – was one of Rich’s greatest successes at a time when the two countries were seemingly impossible trading partners. Rich, aged 74, who lives on the…
This content was published on
Recycle Art creates magnificent figures using scrap metal salvaged from the junk yard. Dozens of sculptures are on display at the showroom in canton Aargau. (Images: Susan Vogel-Misicka, swissinfo.ch)
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.