Glencore said a stock market listing would give it more flexibility Commodities trading giant Glencore has announced its intention to raise $9bn-$11bn (£5.5bn-£6.7bn) on the London and Hong Kong stock exchanges.
The Swiss firm said it would issue between 15% and 20% of its share capital, with the offering set to be completed next month.
The group said the listings would give it the flexibility to achieve “sustainable growth”.
Glencore employs about 57,500 people across more than 40 countries.
It trades metals and minerals as well as energy and agricultural products.
The flotation comes as a number of commodity prices have hit or approached record highs.
The sale could value the company at up to $73bn.
Glencore is currently owned by its partners, who stand to earn millions from the sale.
However, they will be prevented from cashing in their shares for an undisclosed period of time.
Glencore said it expected to be the first company in 25 years to enter London’s FTSE 100 on the first day of trading.
Chairman Ivan Glasenberg said: “An IPO is the next logical step in our development and strategy.
“It will provide us with the financial flexibility to capitalise upon long-term growth opportunities throughout our business and achieve further sustainable growth.”
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