Glencore to trade in London from 24 May

Shares of global commodities trader Glencore International are set to start trading in London on May 24 and in Hong Kong on May 25, the Ming Pao newspaper reported.

Glencore was expected to kick off its initial public offering in Hong Kong on May 13, the newspaper reported, citing market sources. The global commodities trader was expected to sell 20 per cent of its share capital in the IPO, raising about $12bn (£7bn), the report added.

About $600m, or five per cent of the issue, would be earmarked for retail investors in the Hong Kong IPO, the newspaper said. It gave no further details.

Glencore, which is considering a dual listing in London and Hong Kong, received listing approval from the Hong Kong stock exchange last week.

The Baar, Switzerland-based company is planning to issue an Intention to Float document in London in mid-April, although this timeline could change, two sources told Reuters.

Glencore has consistently declined to comment on the timeline of any IPO and company officials were not immediately available to comment on the Ming Pao report.