Commodity trader Glencore aiming for May IPO -source


Commodity trader Glencore aiming for May IPO -source 
LONDON, March 9 (Reuters) - Glencore, the world's largest commodity trader, is aiming for an initial public offering (IPO) in May, a source close to the situation said.

There has been speculation that Glencore could try to squeeze an IPO out before Easter, which falls towards the end of April, although sources familiar with the situation have said no decision on whether to go ahead has yet been taken.

Glencore intends to have a primary listing in London and a secondary listing in Hong Kong, the source told Reuters.

"All the research reports have to be (completed) by April 1," the source said on Wednesday, adding that this deadline had been set by Glencore at a briefing to analysts last week.

A select group of mining analysts were briefed extensively by Glencore on all aspects of its business, giving them the details they needed to come up with a valuation for the privately-held partnership.

After such briefings, sell-side analysts publish research notes giving valuations of a company wishing to float. These publications are a key step towards a listing and a prelude to wider pre-IPO investor briefings and roadshows.

Glencore declined to comment. (Reporting by Pratima Desai; Editing by Alexander Smith)

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