Glencore tightens guidance
By Fiona Lau |
May 17, 2011, Tuesday
|
Print Edition
Print Edition
GLENCORE International Plc has tightened guidance for its planned US$11 billion initial public offering, pushing up the mid-point of the marketing range, a source said, in a sign the commodities trader has seen stronger demand at the higher end of an indicative range.
Glencore's IPO has entered the home stretch after a two-week road show, during which time commodity prices nosedived, raising some doubts about the success of the offer. But Glencore closed the books one day ahead of schedule, suggesting the offer continued to generate interest.
Glencore narrowed the IPO price range to 520-550 pence per share from its previous guidance of 480-580 pence each, according to a source who said the book is multiple times covered and that the company and banks are confident the deal can be done at the revised price range.
The new guidance is an indication that the company is not willing to sell shares at the bottom of the band, as some investors had been hoping.
Glencore's IPO has entered the home stretch after a two-week road show, during which time commodity prices nosedived, raising some doubts about the success of the offer. But Glencore closed the books one day ahead of schedule, suggesting the offer continued to generate interest.
Glencore narrowed the IPO price range to 520-550 pence per share from its previous guidance of 480-580 pence each, according to a source who said the book is multiple times covered and that the company and banks are confident the deal can be done at the revised price range.
The new guidance is an indication that the company is not willing to sell shares at the bottom of the band, as some investors had been hoping.
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