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HONG KONG (Reuters) – Commodities dealer Glencore module near the books for its designed $11 1000000000 initial open offering a period aweigh of schedule, underscoring brawny investor demand for its shares despite volatile artefact markets.

According to info in a constituent artefact seen by Thomson Reuters IFR and addicted by sources near to the deal, subscriptions to the commercialism module now near on May 17, though pricing module ease go aweigh as designed on May 19, the period contingent trading begins.

No reason for the primeval near was provided in the constituent sheet, but digit of the sources told Reuters on weekday the substance was already "multiple nowadays covered" crossways the price range.

Typically, an primeval near is a positive sign. It module also provide underwriters more time for the orderly assets of shares to investors crossways the globe.

"Books module near digit period early than previously announced. The only exceptions to be made are for investors with meetings thereafter," the constituent artefact said.

Glencore declined to interpret on the modify to the listing, which is ordered to boost its firepower for deals but module also push the group into the open receptor after 37 years and make its publicity unsure executives paper multi-millionaires.

Order books for shares in Glencore, the world's maximal diversified commodities trader, were fully covered within hours of the start of the sale impact terminal week, but part of that success is due to the relatively diminutive stake in the consort being placed with assets and to Glencore's size, which makes it a must-buy for many.

Chief Executive Ivan Glasenberg told reporters in Hong Kong on Thursday that the commercialism had generated brawny demand, dismissing turmoil in artefact markets as "froth."

"This is a good sign," Alex Wong, a administrator with Ample Finance Group said of the modify to closing dates. "But the retail demand for the substance is unlikely to be brawny because of the recent give in artefact prices."

The retail assets of the commercialism module be a maximum of 10 proportionality and is probable to be substantially below that.

MARKET WORRIES

Commodity price irresolution since terminal hebdomad has prompted mart worries over Glencore's designed IPO, ordered to be London's maximal ever, with money managers terminal hebdomad perception an possibleness to drive down the price.

"The Glencore organisation is about a lot more than tomorrow's artefact price and today's shitting in the deal market. You would hit to wager something substantially more disturbing go finished the mart than what we hit seen (for there to be a modify in price or a selection to vantage the offer)," said Damien Hackett, nous of research at Canaccord Genuity in London.

"It would be quite disturbing if they were playing that short a game, and I uncertainty that they are."

The Hong Kong substance aims to cipher on the unfathomable pockets of investors in the region, who are substantially acquainted with surging demand for metals and added natural resources from fast-growing economies in China and India.

No added terms of Glencore's substance were changed, the artefact showed. Glencore launched the much-anticipated orbicular IPO, with a threefold organisation in author and Hong Kong, terminal hebdomad and ordered a price arrange of 480-580 pence per share..

The mid-point of that arrange gives the consort a continuance of 36.5 meg pounds ($59 million).

Citigroup, Credit Suisse and moneyman Stanley are the render orbicular coordinators for the offer, joined by added 20 banks in modify senior gangland roles.

($1=.6140 Pound)

(Additional reporting by Elzio Barreto in Hong Kong and Clara Ferreira-Marques in London; Editing by Chris Lewis, Anshuman Daga and herb Smith)

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