Commodities are continuing to crater today, and now there’s a rumour that Glencore, the huge commodities trading firm, may halt/delay/postpone/cancel/something their super-hyped IPO.
Fabulous rumour of the day was this: the £36 billion float of commodities giant Glencore is off.
“No comment,” said a PR person desperately fumbling to justify their fees. “Utter bullshit” said someone else, off the record, for reasons passing understanding.
This seems unlikely, but for the folks who have been calling Glencore the “Blackstone IPO of the commodities bubble”, this timing all works out nicely.
Further undermining the rumour is this report from Bloomberg, which says that orders for the IPO shares have been massive.