WE Soda Scraps London IPO in Another Blow to UK Market (1)

WE Soda canceled its London initial public offering just two weeks after unveiling its plan for a listing, dashing the city’s hopes to recover from the ongoing drought.

The world’s largest producer of natural soda ash cited “extreme investor caution” in the British capital for its decision. The company, which was seeking to be valued at around $7.5 billion, wasn’t able to get investors to agree to a valuation “that we believe reflects our unique financial and operating characteristics,” it said in a regulatory filing Wednesday.

WATCH: CEO Alasdair Warren discusses WE Soda’s decision to pull a planned listing that was set to become the city’s largest this year.

Source: Bloomberg

“The reality is that investors, particularly in the UK, remain extremely cautious about ...