Glencore is worth $60 billion

Glencore has set the price for its forthcoming intitial public offering on London and Hong Kong markets: 480 pence to 580 pence per share.

Today's move values Glencore at about $60 billion dollars.

According to the Dealbook blog on the New York Times, "the company said that 31 percent of the offer, or $3.1 billion in shares, had been subscribed to by cornerstone investors, who are locked in for six months after the offer."

“We are pleased by the strong investor interest shown,” chief executive Ivan Glasenbergy said in a statement published on DealBook, adding that it was “one of the largest cornerstone investor participations ever achieved for an I.P.O.”

Never heard of Glencore?

You're not alone. But you should know better.

Glencore is a giant commodities trader and mining company that works across key parts of the global economy — from oil, gold, copper and coal, to wheat, corn, rice and more.

Last week GlobalPost's David Case profiled the colossal Swiss mystery.

Here's how he describes the company, which last year reportedly earned a $3.8 billion profit on revenue of $145 billion:

(Glencore) buys and sells much of the wheat, corn, rice, sugar and edible oils that end up on the world’s dinner tables. Its subsidiaries farm an area of 1,042 square miles, the size of Rhode Island, across Russia, Kazakhstan, Ukraine and Paraguay. It owns numerous mines around the world, and sells aluminum, copper, zinc and lead to major manufacturers. It also trades fuels, such as coal. Although it drills no oil of its own, it “handles the supply” of 3 percent of the world’s daily oil consumption, according to the company’s website.

Despite this critical role in the global supply chain, until recently the company remained secretive, largely eluding public scrutiny. Because it was privately held, it was under no obligation to disclose financial information. Although well known in industrial circles, it conducted its affairs quietly — this was a competitive advantage, considering the countries in which it operates.

You can expect to hear a lot more about Glencore very soon.

The company's shares are expected to begin trading in London on May 24, and in Hong Kong the following day.