Turkish Billionaire family unveils first major London IPO

The company is also exploring an offering to retail investors of up to £7 million in shares, the maximum permitted under European rules, in a move which Hall said was because “an important investment opportunity should be open to everyone.”WE Soda had revenue of $1.8 billion (£1.4 billion) in 2022 with EBITDA of $848 million. The company generates five million tons of natural soda ash annually across two facilities in Turkey. Proceeds from the IPO will be used to fund its $5 billion investment into building two new sites in Wyoming, USA, in a bid to more than double production. Glass manufacturing accounted for around 60% of global soda ash demand in 2022.The company is chaired by Didem Ciner, a graduate of the London School of Economics and the wife of Turgay Ciner, the billionaire behind the Ciner group conglomerate, which owns a number of industrial and energy businesses as well as Turkey’s highest-circulation newspaper, Haberturk, and operates the Turkish TV station of media firm Bloomberg.Another of the company’s subsidiaries, Ciner Glass, was granted permission to build a £390 million glass container factory in South Wales in June last year in a move which would create 600 new jobs