In a statement on Wednesday, WE Soda chief executive Alasdair Warren said that “investors, particularly in the UK, remain extremely cautious about the IPO market”
WE Soda has abandoned plans for a $7.5bn London initial public offering in a fresh blow to UK equities capital markets that have struggled to attract marquee listings in recent years. The UK-based group, which is the world’s largest natural soda ash producer, blamed the decision on “extreme investor caution in London” that prevented it from garnering the valuation it had sought to achieve.
In a statement on Wednesday, WE Soda chief executive Alasdair Warren said that “investors, particularly in the UK, remain extremely cautious about the IPO market”. WE Soda, which has two production sites in Turkey and had planned to become a “big fish” in London’s relatively smaller capital market, cancelled its planned float after it found the market was seeking to pay roughly 30 per cent less than it had hoped for, according to three people familiar with the matter.
Soda ash is used in industrial processes like glass production, and is a component in products ranging from batteries to detergents. The listing of the company, which is controlled by Turkish media and industrial mogul Turgay Ciner, was set to be the UK’s biggest flotation of 2023 with the group expecting to join the FTSE 100....
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