- We Soda, the world’s largest producer of natural soda ash, has pulled out of plans for a listing on the London Stock Exchange.
- It would have been the biggest UK listing so far in 2023.
- Alasdair Warren, CEO: “extreme investor caution in London meant that we were unable to arrive at a valuation”
We Soda Cancels IPO
“This is fresh blow for London just as confidence in the city as an IPO launch pad appeared to be edging back upwards. Investors are understandably cautious given the nervousness surrounding the UK’s prospects with inflation is still running so hot.
Gilt yields have soared to levels not seen for 15 years amid expectations the Bank of England will have to fire off fresh rounds of interest rate hikes. The uncertainty ahead is clearly off-putting and companies considering IPOs may continue to set their sights on New York instead.”
Article by Susannah Streeter, head of money and markets, Hargreaves Lansdown
