Glencore edges up – but below offer price

 
City A.M. Reporter
Shares in commodities trader Glencore ticked higher in their first day of official trade but remained well below the offer price, dashing hopes shares would rise after it set a mid-range flotation price.

Sources close to the matter had said Glencore, the world's largest diversified commodities trader, felt it had left "money on the table" with an offer price of 530 pence that valued the company at £36.7bn.

The shares have dropped on the grey market since the offer price was set on Thursday. At 8:08 a.m. on Tuesday, the first day of unconditional trading, the shares were changing hands at 520 pence, up 1.2 per cent, broadly in line with the mining sector.