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But the impressive financial performance doesn't guarantee that Glencore can get a flotation at the $60 billion equity valuation being mooted in the market.
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A flotation at $100bn would represent a 100 per cent profit for Goldman Sachs and other investors in a Facebook fundraising just 10 months ago at $50bn.
Game, the video game retailer owned by a US hedge fund, on Friday priced its flotation at the bottom of the 200p to 212p range it had proposed to investors the day before.
By the time of the flotation at the end of 1988, Scholey had turned a loss-making industry into one that was turning a £500m-a-year profit.
There had been fears that the market was drying up after clothing chain Fat Face recently abandoned plans for an IPO and videogame seller Game Digital priced its flotation at the lower end of expectations.
For instance, systematic flotation at the site of Zengpiyan produced no rice despite a large variety of other paleobotanical finds (Zhao 2003a).
Elsewhere, tool-hire group HSS priced its previously announced flotation at the bottom of its range, valuing the business at £325 million.
Blackstone is down by around 45% from its flotation at the peak of the market, though it has risen by 34% from this time last year.
Bradford & Bingley, Britain's second largest building society, yesterday announced that it might consider more acquisitions in the run-up to its expected flotation at the end of this year.
Luxury chocolatier Hotel Chocolat is planning a flotation valuing the company at £150m to raise funds to step up expansion in the UK and online, and develop its manufacturing plant in Oxfordshire.
Frustrated, KPMG last year sold a fifth of its consulting arm to Cisco Systems, an Internet-equipment provider, for $1 billion.On August 7th, KPMG said it expected to raise another $2.7 billion in a flotation valuing the consulting firm at up to $5.6 billion.
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