Glencore-backed Cobalt Holdings scraps planned London listing

Glencore-backed Cobalt Holdings scraps planned London listing

Metal investment company pulls IPO weeks after announcing plans for $230mn share offering

Cobalt Holdings scraps £180m London IPO

COBALT Holdings has abandoned its planned London listing just weeks after announcing a $230m share offering backed by leading investors including Glencore, said the Financial Times on Thursday. The metal investment company said it would “not proceed with its proposed initial public offering on the London Stock Exchange”, without providing reasons. Citing a person close to Cobalt Holdings, the Financial Times said the thinking was that it “makes …

Double blow to London as Cobalt Holdings abandons IPO

Cobalt Holdings has abandoned its plans for a $230m float on the London Stock Exchange, issuing a double blow to UK markets after losing Wise to the US today. The company confirmed in a brief London Stock Exchange notice that it “will not proceed with its proposed initial public offering”, dashing hopes for what would have been the UK’s largest IPO in over a year. Glencore was set to be a cornerstone investor, with a 10 per cent stake in Cobalt …