Even though sources close to Glencore felt the commodities trader had left “money on the table” with an offer price of 530 pence that valued the company at $59.15 billion, the company’s shares were stuck under water on their first day of official trade, dashing hopes of a strong start.
While some analysts still expressed concern over Glencore’s valuation, several analysts and bankers brushed aside worries about the stock trading below the offer price. They said the market debut should be seen as a success given its size and the continued uncertainty in both commodity and equity markets.
Yandex priced the offer at $25 per share, it said in a statement on Tuesday, confirming an earlier Reuters report.
The float on the Nasdaq raised $1.3 billion, or 19 percent more than initially expected for Yandex, the leading internet search site in Russia.