The health of the London Stock Exchange is often measured in new listings, and such is the slowdown that a single company can be both a sign of its resurgence and its weak health in the same month.
WE Soda, a soda ash company from Turkey, confirmed its intention to list just last week, but now says "extremely cautious" investors won't support its valuation hopes and has cancelled the float. Chief executive Alasdair Warren said it was the market conditions that brought on a change of heart.
"The reality is that investors, particularly in the UK, remain extremely cautious about the IPO market and this meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics," he said.