ZURICH (AFP) - commodities giant Glencore Swiss raised about 10 billion (EUR 7.0 billion), via a stock flotation he said Thursday at a 530 pence issue price that values the company at about $ 60 billion.
The flotation marks the largest initial public offer this year, with a strong demand for the stock immediately pushing the market price.
"Glencore"? "s offer saw a substantial interest of investors around the world and was considerably oversubscribed throughout the range of prices offering a high quality, diverse and geographically spread investor base, Glencore" said Ivan Glasenberg, CEO of Glencore.
The company, based in Baar, fixed price to 530 pence Thursday, in the range of 480 to 580 pence, that it announced in early May.
Conditional - unofficial trade shares on the condition that they will be eventually be fully listed on the stock market - began Thursday on the London stock exchange and the price rose to 548 pence shortly after the market opened at 0700 GMT.
It reached a peak of 550 pence in trade in the morning and closed to 538 pence for a gain of 1.5% of its issue price.
Official trade full shares will begin May 24 in London and Hong Kong on May 25.
Glencore, trader of more products in the world by revenue with 145 billion in 2010, guaranteed $ 3.1 billion of so-called cornerstone investors, who have subscribed to 31 per cent of the shares on offer.
These investors include funds sovereign Singapore and Abu Dhabi, asset managers and private banks.
In all, total Group shares 1.2 billion or 16.9% of the shares were floated. The remains of 83.1 for hundred remaining between the hands of the management and employees.
The markets RBC Capital analyst Miriam Hehir describes the entrance of Thursday on the London Stock Exchange as a "good start", adding that he announced "the beginning of a new era" for the group.
Glencore has said that he would use the funds raised by the list of exhibits to repay debt, to increase its participation in Kazzinc, a producer of zinc, with core activities in the Eastern Kazakhstan and fund other projects to expand its activities.
Ratings agency Moody's said that the move would improve the financial flexibility of the group to raise funds, as it gives access to other forms of funding for future acquisitions.
The BPI is that raw material prices rise in the middle of the huge demand from Asia, including China and the India for resources fuel their economies.
Founded in April 1974 by trader Marc Rich, Glencore operated initially in an apartment in the canton of Zug in Central Switzerland before quickly becoming a major player in the trade of commodities.
Metals, minerals and crude oil, the Group settled in agricultural products and has begun to expand third party products to acquires ownership of the resources in the 1980s by buying its own mines simply trade.
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