Switzerland-based Glencorehas successfully priced its initial public offering at 530 pence/share ($8.59/share),7439-95-4  giving the worlds biggest commodity trader approximately $10 billion in gross proceeds from the stock sale, 89-98-5 the company said Thursday.



The gross proceeds comprise a primary component worth $7.9 billion and secondary sales by existing shareholders of approximately $2.1 billion, Glencore said.



The float is the biggest in UK history and will see Glencore become just the third company -- and the first in 25 years -- to enter the FTSE 100 Index on its first day of trading.



The UK long-only funds have bought big time into the offer, an unidentified source earlier told the Financial Times newspaper. The demand went crazy in the last few days as it was clear that the offer was several multiples oversubscribed.



The sale placed 1,137,331,974 ordinary shares with institutional investors at 530 pence each and 31,250,000 shares to professional  and retail investors in Hong Kong at HK$66.53 ($8.56) each. 108-31-6 The Hong Kong portion of the sale represented 2.7% of the total offer.