Glencore International has a set a price range for its initial public offering in London and Hong Kong, enabling the company to raise up to 6 billion pounds ($10 billion).

The world’s largest diversified commodities trader had set a price range of 480 to 580 pence per share for the IPO, which would value Glencore at $ 48-58 billion. Glencore is due to release a prospectus for the offering with indicative price range and other details later on Wednesday.

The company could raise up to $8 billion from the sale of new shares in a primary offering, while its partners planned to raise about $2 billion in a secondary sale, the source said.

That amount excludes a 15 percent or $1.5 billion over-allotment option.