Leading commodities supplier Glencore launches HK IPO

Glencore International plc, one of the world's largest suppliers of commodities, started offering 31.25 million shares in Hong Kong on Friday, which is about 2.5 percent of 1.25 billion shares for its planned international initial public offering.
The Swiss-based company announced that the targeted gross proceeds from the IPO was 77.7 billion HK dollars (approximately 10 billion US dollars), comprising a primary component of about 61. 4 billion HK dollars and secondary sales by existing shareholders of about 16.3 billion HK dollars, will be used to meet the company's operational needs.
The price range for the Hong Kong Offer is set at between 61.24 HK dollars and 79.18 HK dollars per share. The board lot size is 100 shares.
The Hong Kong Offer will close on May 18 and final pricing is to be announced the next day.
Following the issuance of new shares, the market capitalization of Glencore is expected to reach 474 billion HK dollars. (1 U.S. dollar equals 7.8 HK dollars.)
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