Glencore to seek HK IPO approval this week: sources

HONG KONG (Reuters) – Glencore (GLEN.UL: Quote, Profile, Research), the global commodities trading giant, is set to appear before the listing committee of the Hong Kong stock exchange this week, moving forward with its roughly $10 billion IPO, sources with direct knowledge of the plans told Reuters on Monday.

Glencore, based in Baar, Switzerland, did not have an immediate comment on the IPO plans. The Hong Kong exchange declined to comment.

The exchange’s listing committee regularly meets on Thursdays. Occasionally, it meets earlier in the week to review large offerings.

The company has met with investors in the past weeks to gauge interest in an offering, with several of its key trading partners in Asia showing interest to buy the stock.

The IPO would give the company cash to fund expansion of its mining assets around the world, while Glencore could also use the stock as a currency for acquisitions.

(Reporting by Elzio Barreto and Fiona Lau; Editing by Chris Lewis and Muralikumar Anantharaman)

Glencore to seek HK IPO approval this week: sources