A group of investors, reportedly to include the emirate of Abu Dhabi, will take 31% of the shares being sold.
Formed 37 years ago, Glencore is the world's largest commodities trader.
Mr Glasenberg is the firm's largest shareholder, and along with other key executives will have a 'lock-in' agreement that prevents them selling their shares immediately. Many of the firm's other leading managers will become multi-millionaires from the flotation.
The Swiss-based company, which will also list its shares in Hong Kong, said in a statement that it would raise gross proceeds of approximately $10bn from the share flotation.
This will boost the company's firepower for deals at a time when commodities prices are booming on the back of strong demand.
Float 'well-backed' A group of cornerstone investors have agreed to take a combined 31% stake of the shares being sold in the flotation.
The Financial Times newspaper reported that Abu Dhabi's Aabar, part of the emirate's International Petroleum Investment Company, was set to become the biggest investor after Glencore executives.
I can't recall a flotation like it, in terms of the sheer number of executives emerging as wealthy beyond most people's wildest dreams or expectations”
BlackRock and Fidelity were also said to be taking large stakes.Further details of the flotation are due to be released later on Wednesday when Glencore publishes the full prospectus, giving analysts a rare glimpse into a company that has become well-known for its secrecy.
John Meyer, an analyst at Fairfax, said Glencore and its advisers appeared to have reduced the value of the float to ensure that its shares got off to good start when trading began.
"We expect it to be a successful float. It's well-backed by some very high-profile cornerstone investors," he said.
But he added: "It's difficult to have expectations with a group that is as secretive as Glencore, although they are revealing more."
Last month, Glencore announced the appointment of Simon Murray as chairman.
Former BP boss Lord Browne had pulled out of the job at the eleventh hour.
Glencore employs about 57,500 people across more than 40 countries, and had net income of $3.8bn on revenues of $145bn last year.
It trades metals and minerals, as well as energy and agricultural products, and has benefited from the recent growth in demand for commodities, especially from China.
The final pricing of the shares is expected to be announced on or around 19 May.