Ivan Glasenberg will become one of Europe’s richest men after Glencore’s initial public offering, as the value of his stake in the world’s largest commodities trader will surge to almost $10bn.

The IPO prospectus – at more than 1,600 pages – has for the first time revealed the ownership structure of Glencore, which for nearly 40 years has been privately owned. Besides chief executive Mr Glasenberg, four other senior executives will become overnight billionaires and scores will be millionaires.

The massive paper gains for the employees come as Glencore embarks on a radical transformation, abandoning partnership and privacy for a flotation that will expose it to public scrutiny but also give it the financial firepower to participate in the consolidation of the natural resources industry.