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 for the listing - one of the largest ever in London - is expected later today.

The company is looking to raise $10bn via the offer, allowing it to take advantage of the ongoing bull run in commodities.

BlackRock and Fidelity declined to comment.