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Glencore Shares Stick to Offer Price After Billion IPO
19 may 2011

Glencore International Plc, the commodities company that sold billion of stock in the world’s biggest initial share sale this year, ended its first trading day in London at the same price offered to investors.

Glencore sold 1.14 billion shares at £5.30 (.60) apiece, the company said in a statement. Investors include BlackRock, JPMorgan Chase and the sovereign wealth fund of Abu Dhabi. Glencore’s chief executive, Ivan Glasenberg, remains the company’s single largest shareholder with a 15.7 percent stake.

The share price was set at the middle of the price range announced this month, valuing the company at .2 billion. The shares hit a high of £5.53 in London trading before closing unchanged at £5.30.

Glencore’s shares were also sold on the stock exchange in Hong Kong. Demand for the shares “significantly” exceeded the amount available, Mr. Glasenberg said.

“We welcome and look forward to building long-term mutually beneficial relationships with our new shareholders, as we have with our customers, suppliers and capital partners over the years,” Mr. Glasenberg said.

 

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