Glencore’s 6.19 billion $10 billion initial public offering got off to a tepid debut in London yesterday. The world’s biggest IPO so far this year finished its first day of conditional trading flat after gaining 5.5% at one point in the afternoon.
That was a disappointment to some, but investors in Asia were happy just to see a stock that was stable on day one after several recent high-profile IPOs have traded below their issue price. Glencore priced the deal at 5.30 a share early yesterday morning, with the price for Hong Kong retail investors fixed at the equivalent of HK$66.53 per share.
The Swiss...
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