GLENCORE, the world’s biggest commodities trader, has enjoyed a surge in value and is now worth some $60bn (£38bn) as it contemplates an initial public offering (IPO), according to leading team of mining analysts.
That value placed on it by Liberum Capital would place it among the 15 biggest FTSE-listed companies if it were to secure a London listing. Barclays, ranked 15th in the FTSE 100, has a market capitalisation of about £36.3bn.
Glencore’s estimated value has leapt about 22 per cent since July, when it was worth $49bn, according to Liberum Capital analysts led by Michael Rawlinson.
Rawlinson is a former banker at Cazenove and JPMorgan Cazenove who worked on the IPOs of BHP Billiton, Xstrata, Vedanta, Anglo American and Kazakhmys.
The company’s worth has been boosted by a surge in the value of its 34 per cent stake in Xstrata and other listed holdings. Shares in the London-listed miner have gained more than a third in the last six months.
The “sum of the parts” valuation suggests over a third of Glencore’s value derives from its vaunted trading operation.