HONG KONG: Top commodity trader Glencore kept a lid on its aspirations for a much-hyped market debut, targeting proceeds of US$11bil after securing record commitments from investors led by Abu Dhabi.
The world's largest diversified commodities trader set a price range of 480 to 580 pence per share for the London initial public offering (IPO) yesterday, confirming an earlier Reuters report. That values it at US$61bil at the midpoint, in line with early forecasts.
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