Glencore is seeking to raise about $11 billion through an initial public offering, The Wall Street Journal reports. As part of the IPO, the commodities trader has lined up a number of cornerstone investors who will invest in Glencore convertible bonds.
The investors include Abu Dhabi state-owned fund Aabar Investments, Government of Singapore Investment Corporation, BlackRock and Zijin Mining Group. A group of 20 banks, including Citigroup, Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch and BNP Paribas, are underwriting the IPO.
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