Cobalt Holdings to raise £175m in London float
A company trading in a key electric vehicle battery material is set to launch in London, in one of the first initial public offerings (IPO) since President Trump's tariffs sent tremors through global markets.
Cobalt Holdings has said it plans to raise $230 million (£175 million) by listing on the main market, in a flotation backed by Glencore, the FTSE 100 commodities group, and Anchorage, an American investment firm, which will take a combined 20.5 per cent stake in the company.
The new company will buy and hold cobalt, which is primarily used in lithium ion batteries, purchasing an initial 6,000 tonnes of cobalt from Glencore for $200 million, which it said was at a 5 per cent discount to Friday's cobalt spot price.
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