Eight, apparently:
[WE Soda] has engaged J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) (“J.P. Morgan”) as Sole Sponsor, Joint Global Co-ordinator and Joint Bookrunner, BNP PARIBAS (“BNPP”) and Goldman Sachs International (“Goldman Sachs”) as Joint Global Co-ordinators and Joint Bookrunners, and, Deutsche Bank AG, London Branch (“Deutsche Bank”), Liberum Capital Limited (“Liberum”), Morgan Stanley & Co. International plc (“Morgan Stanley”), MUFG Securities EMEA plc (“MUFG”), and Numis Securities Limited (“Numis”) as Joint Bookrunners of the Offer.
WE Soda’s intention to float RNS confirms that Turgay Ciner and family are selling at least a 10 per cent stake in the maker of natural soda ash (it’s used in glassmaking and stuff like that). Ciner — whose empire includes the Habertürk pro-government media group and a share of Turkish-language Bloomberg HT, as well as a nice house in London’s Holland Park — expects to raise about $800mn, of which $500mn will go towards settling intercompany debt.
That WE Soda’s announcement dropped on the same day that the Turkish lira hit a record low against the dollar is a coincidence that underlines both the uninvestability of the local market and of London’s attractions as an EM safe house.
Still. It was once the consensus that floats of WE Soda’s size only needed two or three bookrunners. A supersized syndicate (plus PrimaryBid for retail) will ensure lots of coverage once the research blackout is lifted, which might explain some of the boutique names on the roster, while the rare appearance of MUFG on a UK ticket can perhaps be explained by its Turkish franchise.
Eight, though? For an ~$800mn placing? What will they be doing all day? Answers invited in the comment box.
Further reading:
WE Soda is coming to London. Why? (FTAV)
Company-supplied factsheet (PDF)
