Demand from key institutional investors for shares in Glencore on its flotation has been well above the group’s expectations, particularly in Asia and the Middle East, according to bankers involved in the initial public offering.
The Swiss-based company plans to allocate between 20 and 30 per cent of its IPO to so-called cornerstone and anchor investors, which commit themselves to buy ahead of the launch of the flotation and usually are locked in for a certain period.
The appetite for the company has been boosted by a recent surge in the value of Glencore’s holdings in listed companies, including a 34 per cent stake in London-listed miner Xstrata.
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