Financial News raises 10 questions about the initial public offering of Glencore. The flotation of the Swiss trading giant is the largest in London, ever. Glencore declined to comment.

• Why are the shares down if the offer was so oversubscribed?

Morgan Stanley, Citigroup and Credit Suisse, the three lead managers of Glencore's IPO, received orders of more than three times the $11bn the company planned to raise. However, oversubscription is never an indication of the shares' after-market performance, as investors also place orders at the bottom of the initial price range, one banker close to the Glencore float told Financial News. The shares traded at 524p at mid-morning, below the issue price of 530p, but still higher than the bottom of the initial price range, of between 480p and 580p.