WE Soda, the world's largest producer of natural soda ash, said on Wednesday it planned to list shares on the London stock exchange, in a boost for Britain's flagging initial public offering (IPO) market.
The UK-based company, which produces soda ash for a variety of uses including glass manufacturing, is considering applying for admission to trade on the premium segment of the London Stock Exchange .
It did not provide details on the price and size of the offering but said this would include existing shares held by Turkish industrial conglomerate Ciner Group representing at least 10% of its share capital.The group is working with JPMorgan, BNP Paribas, Goldman Sachs, Morgan Stanley, Deutsche Bank, Liberum, MUFG and Numis on the potential transaction.
WE Soda's plan comes at a quiet time for European IPOs, after soaring interest rates and economic uncertainty nearly froze the market last year. There has also been debate about London's attractiveness as a listing venue following Britain's departure from the European Union and some high-profile defections by domestic or locally listed companies to stock exchanges abroad, including Cambridge-based chipmaker Arm.
Though proceeds raised in London IPOs fell 90% last year, according to research by consultancy EY, the British capital has seen some activity in recent months.
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