Turkish delight for London as tycoon plots blockbuster float
Turkish delight for London when the Ciner family plots a blockbuster from chemical producer WE Soda
- WE Soda is owned by the Turkish billionaire Ciner family
- It targets a valuation of up to £7bn and would be eligible to join the FTSE 100
- It produces natural soda ash, used in glass making, detergents and soaps
A chemical company owned by Turkey’s billionaire Ciner family is planning its first blockbuster in London this year, as a boost to the beleaguered stock market.
WE Soda’s decision is a much-needed shot in the arm after a slew of companies turned down the city in favor of private equity ownership or floated to New York instead.
WE Soda is headquartered in London, but the company operates in Turkey and Wyoming, USA, where it produces natural soda ash used in glass manufacturing, detergents and soaps, plus batteries for electric vehicles.
Family fortunes: Turgay Ciner and his wife Didem
The company is looking at a valuation of up to £7bn and would be eligible to join the FTSE 100 index.
The Ciner family owns an industrial and media empire under WE Soda parent company Ciner Group, led by 67-year-old billionaire Turgay Ciner, who owns a house in London.
WE Soda is chaired by his wife, Didem, 43, and its chief executive is City grandee Alasdair Warren, who has held senior positions at both Deutsche Bank and Goldman Sachs.
The IPO would be the largest in the UK since GSK’s split from its consumer health arm Haleon last July.
“Despite challenging market conditions, we are confident of a successful listing,” said WE Soda chief strategy and risk officer Nicholas Hall.
He added: ‘The FTSE 100 is associated with quality and prestige, and given that history it seems the right place to be on the list.’
A stock exchange listing would be a much-needed boost for London. Cambridge chipmaker Arm opted for a US float and building materials giant CRH plans to move its listing, which has been on the London market since 2011, to New York.
City watchdog, the Financial Conduct Authority, has pledged to “reform and streamline” the requirements for companies seeking to be listed.
“By describing the FTSE 100 as associated with quality and prestige, it has provided a ray of light for London,” said Hargreaves Lansdown’s Susannah Streeter.
“It is still unlikely that this will lead to a deluge of instant quotes due to the still volatile nature of market sentiment.”