

The world’s largest natural soda-ash producer has scrapped its $7.5bn (£5.9bn) London listing in a significant blow to the City’s stock market.
WE Soda, a UK-based group that produces the glassmaking ingredient, said it cancelled its planned float owing to “extreme” investor jitters.
The company, which is controlled by Turkish media mogul Turgay Ciner, previously said it was seeking a valuation as high as $8bn, which would have made it large enough to feature in the FTSE 100.
The decision to scrap the listing will come as a major blow to the London Stock Exchange (LSE), which has suffered a bruising year.
The City’s stock market is fighting to remain relevant following an exodus of companies leaving for New York in recent months, while new deals have stalled.
On Wednesday, WE Soda said: “Since our intention to float announcement some weeks ago, we had been encouraged by the breadth of investor engagement globally and the subsequent interest from prospective investors in our IPO.
“Despite this, the reality is that investors, particularly in the UK, remain extremely cautious about the IPO market and this extreme investor caution in London meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics.
“As a result, we have decided to cancel our IPO on the London Stock Exchange.”
During the first quarter of this year, there were only two main market listings in London, while proceeds slumped 80pc, according to EY.
Building materials giant CRH and Paddy Power-owner Flutter have also decided to list in New York in recent months. British technology darling Arm also snubbed London for its trading debut in favour of the US, deepening concerns about the state of the LSE.
The Financial Conduct Authority (FCA) is currently consulting on proposals to water down some of its listings rules to make the LSE more attractive.
Soda ash – or sodium carbonate – is a key industrial component used in processes such as glass-making, as well as in the production of lithium carbonate for electric vehicle batteries and the manufacture of powdered detergents.