LSE to See Biggest IPO of the Year: The London Rush

The London equities markets received good news this morning with WE Soda’s announcement confirming plans to go ahead with its IPO. The move will inject life into a market that has been somewhat dormant of late. Across the pond, Rishi Sunak starts a two-day trip to the US, where he’ll seek to strengthen ties with the White House.

(Bloomberg) — The London equities markets received good news this morning with WE Soda’s announcement confirming plans to go ahead with its IPO. The move will inject life into a market that has been somewhat dormant of late. Across the pond, Rishi Sunak starts a two-day trip to the US, where he’ll seek to strengthen ties with the White House.

Here’s the key business news from London this morning:

In The City

WE Soda Ltd.: The world’s largest producer of natural soda ash confirmed plans to go public in London and expects to join the LSE’s main market.

The company is set to receive indirect proceeds of about $800 million with the offering
The listing will help boost London’s flagging IPO market, where just under $600 million has been raised so far this year, according to data compiled by Bloomberg

Gatwick Airport Ltd.: The UK’s aviation regulator has started a consultation on whether to extend the current commitments from the British airport for a further four years or not.

Current commitments include a cap on the average level of airport charges, a minimum level of investment and a system of rebates if GAL misses certain service quality targets
Those commitments cover a four-year period to March 2025

GSK Plc: The drugmaker’s Arexvy vaccine got the green light from the European Union for the prevention of lower respiratory tract disease caused by respiratory syncytial virus in adults 60 years of age and older.

In May, the vaccine also received an authorization from by the US Food and Drug Administration to protect older adults from the lung disease

Diageo Plc: The former CEO of the liquor giant Ivan Menezes has passed away at age 63, following a brief illness, the company said. Born in India, Menezes served as Diageo’s CEO from 2013 to 2023.

In Westminster

Rishi Sunak will seek closer economic ties with the US during his first visit as UK leader to the White House, even as Joe Biden’s administration maintains a freeze on talks on a free-trade agreement. The two-day stay, during which the PM will also meet congressional leaders and corporate executives, will be Sunak’s most extensive interaction with Biden to date. On the plane to Washington late on Tuesday, he told reporters he intends to discuss how the US can damp the knock-on effects of clean technology subsidies on the British economy, among other topics.

It’s one of a mountain of challenges Sunak is wrestling with back home, where graduates preparing to leave Britain’s universities face the toughest jobs market in years. Data from Reed Recruitment, one of the UK’s largest employment platforms, show the number of positions available and marked suitable for graduates is about 40% below 2018 levels, and pay for those posts has declined over much of the last 18 months.