Source: Financial Times, 4th May 2011

And then, another minute passed. Glencore's gradual progress from private partnership to listed company is almost complete. The price range for the world's biggest commodities trader by revenues at its initial public offering values Glencore at about $53bn at its midpoint - 15 per cent less than the $62bn touted by connected analysts and bankers when it announced its intention to float. Including the capital to be raised, its market value at its listing debut would be $61bn. Glencore is wise to temper its price expectation.