Commodities group Glencore is considering listing in the first half of next year with an initial public offering (IPO) that could raise around £10bn.
Glencore, the world's biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.4bn) convertible bond last year.
The group, which posted a strong jump in nine-month profit, is considering an IPO that would likely launch off the back of full-year results in March or April, according to Reuters sources.
Swiss-based Glencore declined to comment.
While no final decision has been made on the size of the offering, it could raise around 10 billion pounds, one source said, making it one of the biggest ever London flotations.
The IPO could to be a dual listing in London and Hong Kong, another source said. Morgan Stanley, Citigroup and Credit Suisse are expected to be involved in the listing.
An analyst said an IPO of Glencore would likely not take place until it completed a spin-off of its gold assets.
Ini August, Glencore unveiled plans for spinning off or listing its Kazzinc gold assets, which could be worth over $5bn, next year.
Earlier in the year, speculation surfaced about a possible merger with miner Xstrata, of which Glencore is the biggest shareholder, with a stake of nearly 35 per cent.
Major Xstrata investors said they were wary of linking up with Glencore ahead of an IPO due to the difficulty of valuing the private group.
Net profit in the first nine months rose 42 per cent to $2.5bn on a 40 per cent rise in revenues to $105.9bn.
Its industrial division, which includes mining operations, outperformed as average commodity prices surged 40-55 per cent.
Glencore, whose debt burden worried investors during the downturn, said liquidity increased to $4.6 billion in the third quarter from $3.2bn in the second quarter, beating a target of $3bn.
Net debt rose to $15.2bn from $13.6bn in the second quarter, according to a statement released to bondholders.
City A.M. Reporter