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 (LSE).
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.
Press reports have pointed to a potential valuation for the company of up to $8.5 billion.
The group is working with JPMorgan, BNP Paribas, Goldman Sachs, Morgan Stanley, Deutsche Bank, Liberum, MUFG and Numis on the potential transaction.