Glencore Sets I.P.O. Range, Valuing It at $60 Billion?

BY CHRIS V. NICHOLSON

Glencore, the global commodities trader and miner, set the price range for its highly anticipated initial public offering on Wednesday at 480 pence to 580 pence a share, which at the midpoint values the company at about £36.5 billion, or about $60 billion.

The company aims to raise about $10 billion in its share issue in London and Hong Kong, with $7.9 billion coming from a primary sale. The rest of the shares will be sold by the company’s management.

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Ivan Glasenberg, the chief executive of Glencore, was inspired to get into commodities trading when as a young man in South Africa he observed a trader in South Africa sourcing candle wax from South America and selling it to Japan. In 1984 Glasenberg landed a job at Marc Rich & Co. and caught the eye of legendary trader Rich when despite anti-Apartheid boycotts of South Africa he managed to find buyers for the country’s coal.

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