(Reuters) – WE Soda said on Wednesday it has decided to cancel its public listing plans, citing “extreme investor caution”, a week after announcing its intention to proceed with an initial public offering (IPO) on the London Stock Exchange.
The company is the world’s largest producer of natural soda ash, which is used to make glass.
“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,” Chief Executive Alasdair Warren said in a statement.
The company planned to raise at least $800 million through the IPO for its parent Ciner Group, with press reports pointing to a potential valuation for the chemicals firm of up to $8.5 billion.
(Reporting by Eva Mathews in Bengaluru; Editing by Shilpi Majumdar)