London still works for stock market listings, says We Soda boss

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Workers moving glassImage source, Getty Images

Image caption,

About fractional of soda ash produced is utilized to marque glass

"London inactive works" arsenic a spot to interval a concern connected the banal exchange, according to the brag of the world's largest shaper of earthy soda ash.

We Soda has announced plans to database its shares successful the UK, successful a determination that could worth it astatine up to $7.5bn (£6bn).

The determination is being seen arsenic a boost for London's banal market, aft interest it is losing retired to overseas rivals.

It would beryllium the country's biggest flotation truthful acold this twelvemonth and could spot We Soda participate the FTSE 100 index.

According to consultancy EY, the magnitude raised done stock flotations successful London fell by 90% past year.

Earlier this year, gathering materials elephantine CRH said it would beryllium moving its main stock listing from the UK to the US. British microchip decorator Arm is to interval successful the US contempt reports that the UK authorities had lobbied it to take London

But We Soda main enforcement Alasdair Warren told the BBC's Today programme it had chosen the UK arsenic it felt the London marketplace was 1 that would "well recognize our business".

The soda ash produced by We Soda tin beryllium recovered successful washing pulverization detergents, and is besides utilized by companies successful the accumulation of goods specified arsenic glass. star panels and batteries for electrical vehicles.

As good arsenic soda ash, Mr Warren said the institution was besides a chemicals producer, "with tons of characteristics which are akin to a batch of the speciality chemicals companies that are listed successful London".

The institution already has its office successful London and Europe is its biggest market.

Mr Warren added that since the institution had launched its flotation plans, "we've had astir 300 investors explicit interest, astir fractional of those are from the UK, but a fractional of them are from besides different countries astir the world, including a batch from the US and Europe".

"So I deliberation that that's an endorsement of the information that London inactive works and we're precise assured we'll get a bully woody done," helium said,

We Soda is owned by Ciner Group, a Turkish concern conglomerate controlled by billionaire Turgey Ciner.

The flotation is aiming to rise astir $800m for the Ciner Group, with portion of the proceeds being utilized to wage down debt.

Susannah Streeter, caput of wealth and markets astatine Hargreaves Lansdown, said the flotation was a "ray of light" for the London market.

However, she added it was "unlikely to pb to a flood of contiguous listings owed to the inactive volatile quality of marketplace sentiment".

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