Glencore gets off to a steady start

Initial conditional trade showed the shares changing hands at more than three per cent above the offer price, indicating appetite for the stock. Many investors were left out after Glencore was flooded with orders for its shares.

Glencore, the world’s largest diversified commodities trader, has said there was strong demand for its stock and had enough buyers to cover its offering of up to $11bn within hours of starting the sale process earlier this month.

By the time order books closed a day earlier than originally planned on Tuesday, it had enough orders to cover its offer more than four times, according to one source close to the deal, meaning it received orders totalling more than $40bn.

Some investors, however, have said strong demand in London’s largest ever public offering was largely due to the relatively small amount of shares being sold.