Glencore IPO price range values company at $60 billion

By @ibtimes on

Commodities trading house Glencore has priced its long-awaited public offering at between 480 and 580 pence per share, valuing the company at $60 billion at the mid-point of the price range.

Glencore said it would raise gross proceeds of approximately $10 billion from the IPO, confirming an earlier Reuters report.

Glencore, the world's largest diversified commodities trader, is expected to release its prospectus later on Wednesday. That will provide sought-after details including the cornerstone investors and the size of top management's stakes.

The long-awaited listing, which could be London's largest to date, will push Glencore into the public eye after 37 years, and will turn publicity-shy executives including chief executive Ivan Glasenberg, a former coal trader, into paper billionaires.

($1=.6072 Pound)

(Reporting by Clara Ferreira-Marques; Editing by Alexander Smith)

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