BlackRock and Fidelity 'to back Glencore's $61bn IPO'

BlackRock and Fidelity are both backing commodities giant Glencore's IPO, according to reports.

The group, which this morning revealed it was set to raise $61bn through its initial public offering, is understood to have received backing from a number of institutions, including BlackRock and Fidelity. The two firms are set to take $360m and $215m worth of shares, according to the Financial Times. This morning Glencore set a price range of between 480p and 580p per share, with the mid point implying a market cap of $61bn (£36.5bn). According to the FT, Swiss banks Credit Suisse, UBS and Pictet will also take part in the IPO, as will the Abu Dhabi emirate. The full prospectus...