WE Soda, the world’s largest producer of natural soda ash, confirmed its intention to seek a listing on London’s main bourse, marking what’s likely to be the City’s largest listing of the year.

The company, which is backed by Turkish industrial conglomerate Ciner Group, said indirect net proceeds from the offering are expected to be about $800 million.

WE Soda may seek a valuation of about $7.5 billion, based on its earnings and traded peers, Bloomberg News reported last week. The company, which is one of the lowest cost producers of soda ash globally, produced about 5 million metric tons of natural soda ash and sodium bicarbonate in 2022.

The listing will help boost London’s flagging IPO market, where just under $600 million has been raised so far this year, according to data compiled by Bloomberg. Rising interest rates, heightened inflation and volatile markets have kept investors on the sidelines, with some now selectively putting money in stable, cash-generative assets.

BNP Paribas SA, Goldman Sachs Group Inc. and JPMorgan are joint global coordinators on the offering, while Deutsche Bank AG, Liberum, Morgan Stanley, MUFG and Numis Corp. are joint bookrunners.