Cobalt Holdings pulls out of $230m London IPO

Glencore had 10% stake

Cobalt Holdings, a Glencore-backed company dedicated to the purchase and holding of physical cobalt, has ditched its plans for a London listing in another blow to the UK’s capital markets.

The company confirmed in a brief London Stock Exchange notice on Wednesday (4 June), that it "will not proceed with its proposed initial public offering" (IPO).  Cobalt Holdings' proposed $230m IPO would have been one of the largest fundraises in a year, with Glencore and Anchorage having already agreed to back the float with a $24.3m and $23m investment, respectively. Over £12bn set to leave London's AIM in 2025 Cobalt metal is predominantly produced as a by-product of mining copper and nickel and is an essential component in energy storage and rechargeable batteries for electric ...