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”.
Read the full story on the Financial Times here.