Swiss commodity trader Glencore has lined up buyers for all of the shares in its planned $11 billion mega-float only a day into the sale process, two sources close to the deal said.

Bucking a recent trend for struggling European listings, which have seen investors wait until very late in the usually two-week bookbuild to place orders, Glencore has already received demand for all the shares it its offering, including a 10 percent overallotment option, the sources told Reuters.

We had a good response on day one, there is a lot of pent-up demand, one of the sources said on Thursday.

The sources said it was too soon to say where in the indicated 480-580 pence per share range the much-anticipated offering would be priced on May 18.

That range, announced on Wednesday, values the company at 36.5 billion pounds ($60 billion) at the mid-point, below the price some analysts have valued Glencore at.

The books are covered on the full deal size, including the greenshoe, said one of the sources. Given the amount of interest we have seen in the transaction, we thought we would be covered pretty early but I think it just reflects ... that the price range was the right price range.

Demand for Glencore shares will also have been boosted by the fact is due to be fast-tracked into the blue-chip FTSE 100

index at the end of its first day of trading.

FIREPOWER

The London and Hong Kong listing, in which Glencore is looking to raise around $7.9 billion from new shares and $2.1 billion from existing shares, will boost its firepower for deals amid a boom in commodity prices. But it will also push it into the public eye after 37 years as a discreet private company.

Glencore's estimate of its future market capitalization puts the company just above the mid-point of a wide $45-$73 billion value implied in its intention-to-float last month. The mid-point of analyst research was around $60 billion, though that excludes proceeds from the offering.

Before the start of bookbuilding on Wednesday, Glencore struck agreements with cornerstone investors who will collectively buy around 31 percent of the total offer, one of the largest cornerstone books to date.

The largest investor, Abu Dhabi's IPIC Aabar, which has already committed $850 million to the listing, also plans to invest an additional $150 million in the offering.

Glencore's listing, which could be London's largest ever, will make several top directors paper billionaires, with 54-year-old chief executive Ivan Glasenberg set to be worth almost $10 billion.

Citigroup, Credit Suisse and Morgan Stanley are the joint global coordinators for the offer, joined by another 20 banks in lower ranking syndicate roles.

Glencore was not available for comment.

($1 = 0.6052 pound)

(Additional reporting by Clara Ferreira-Marques; Editing by Kirstin Ridley and Alexander Smith)