WE Soda confirms intention for initial public offering, reveals offer details

LONDON, UK: London-based WE Soda, the world’s largest producer of natural soda ash, has officially announced its plan to undertake an initial public offering (IPO) following its previous indication.

The company aims to list its shares on the premium segment of the Official List of the Financial Conduct Authority and trade on the London Stock Exchange’s main market.

The final offer price and maximum number of shares will be determined through a book-building process.

The IPO will primarily consist of existing shareholder shares, with net proceeds used for debt repayment and general corporate purposes. WE Soda has engaged several banks for the offering, and it also considers an additional offering for retail investors in the UK.

• The Company’s shares will be admitted to the premium listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange.

• The Offer will be wholly comprised of ordinary shares to be sold by the existing shareholder. The existing shareholder intends to repay, directly and indirectly, certain intercompany loans made by WE Soda to affiliates within the Ciner Group from the net proceeds of the Offer. The indirect net proceeds received by WE Soda, expected to be approximately $800 million, will be used to reduce its net debt by way of repayment of outstanding amounts under certain debt facilities (approximately $500 million), with the remainder used for general corporate purposes (approximately $300 million). In addition to the indirect net proceeds to be received by the Company, the existing shareholder may decide to sell a further number of ordinary shares during the book-building process.

• The Offer will be a targeted offering to institutional investors outside the United States in offshore transactions pursuant to Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”) and to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act.

• Immediately following Admission, the Company will target a free float of at least 10% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices. In addition, it is expected that Shares representing up to a further 15% of the Offer will be made available pursuant to an over-allotment option.

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