By Marcus Leach

Commodities trading giant Glencore has been valued at £36.7 billion after it priced its shares in the middle of the range at 530p each.

With the listing expected to raise roughly £6.8 billion it will be London's biggest initial public offering (IPO).

The conditional trading will commence in London on Thursday, followed by full trading next Tuesday.

It is expected that the company will be fast-tracked into the FTSE 100 index at the end of its first day of full trading on 24 May.

Glencore chief executive Ivan Glasenberg, the largest shareholder at the firm, will be worth about £6 billion after the IPO, making him one of the world's richest men.

"Glencore's offer has seen substantial interest from investors around the world and was significantly oversubscribed throughout the price range providing Glencore with a high quality, diverse and geographically spread investor base," he said in a statement to the London Stock Exchange.