Glencore leaves market in suspense as stock closes flat on debut
It was all going so well. Glencore International made its debut in conditional trading on the London Stock Exchange on Thursday morning after pricing a textbook $10bn IPO from a book that was multiple times covered. At last it seemed that the European equity market would have the trophy global deal that it had been lacking for so long.
Investors, topping up allocations that had been heavily scaled back, bid up the shares by a respectable but not showy amount shortly after the open. And after the froth had settled, the deal performed solidly for a few hours.
But just as syndicate bankers across the
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