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WE Soda confirms London listing plan after "considerable" investor interest

Reuters
·1-min read
FILE PHOTO: The London Stock Exchange Group offices in the City of London, Britain

LONDON (Reuters) - WE Soda, the world's largest producer of natural soda ash, confirmed on Wednesday it was seeking a London Stock Exchange listing after receiving "considerable" interest from potential investors.

"The final offer price ..., together with the maximum number of shares to be sold in the offer, will be determined following a book-building process," it said in a statement.

The company said it expected to receive indirect net proceeds of around $800 million, which will be used to reduce net debt and for general corporate purposes.

WE Soda said in May that the ultimate size of the offering was subject to investor feedback but would represent at least 10% of the group's share capital.

J.P. Morgan Securities is sole sponsor, Joint Global Co-ordinator and Joint Bookrunner, BNP Paribas and Goldman Sachs are joint global co-ordinators and joint bookrunners and Deutsche Bank, Liberum Capital, Morgan Stanley, MUFG Securities EMEA and Numis Securities are joint bookrunners.

(Reporting by Kirstin Ridley, editing by Sinead Cruise)