Less than two weeks after announcing the plan, the largest producer of natural soda ash in the world has abandoned the idea.
According to reports, We Soda sought to raise £600 million through a flotation, valuing the company at over £6 billion.
We Soda was unable to determine a fair valuation, according to the company, and UK investors "remain extremely cautious.".
The UK's reputation has taken a hit as a result of We Soda's reverse.
The IPO would have been the largest one to date this year. Alasdair Warren, CEO of We Soda, made the following statement just two weeks ago: "London still works.".
However, Mr. Warren claimed on Wednesday that despite being "encouraged by the breadth of investor engagement globally" and by the interest in its initial public offering, "investors, particularly in the UK, remain extremely cautious.".
Because of the extreme investor caution in London, he explained, "we were unable to arrive at a valuation that we believe accurately reflects our unique financial and operating characteristics."
