Investors scrambling to snap up Glencore shares

INVESTORS have snapped up the chance to buy a piece of Glencore, with the commodities giant reportedly seeing the book for its $60bn (£36.6bn) float fully covered on the first day yesterday.

All $11bn worth of the trader’s shares on sale are said to be accounted for already, just a day after its 1,600-page prospectus was made public.

That would make Glencore one of a few initial public offerings (IPO)?in London to get off smoothly this year, with the market having been unusually difficult so far (see top left).

Bankers announced a wide 480p to 580p price range, considerably below previous estimates that valued the company at up to $78bn. Investors are said to have reacted well to the cautious valuation. Trading is due to start 19 May.