[miningmx.com] — Commodities trading house Glencore has priced its long-awaited public offering at between 480 and 580 pence per share, valuing the company at $60bn at the mid-point of the price range.
Glencore said it would raise gross proceeds of approximately $10bn 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.
Abu Dhabi’s Aabar Investments has committed to invest $850m, becoming the biggest cornerstone investor in the offering, according to a term sheet seen by Reuters.
Government of Singapore Investment Corp (GIC) was investing $400m, while BlackRock Inc was investing $360m, the term sheet showed.
Other cornerstone investors included Credit Suisse Private Bank and Och Ziff, both agreeing to buy $175m worth of shares.
