London IPO of soda ash firm could net Turkish billionaire’s family £650m

Ciner Group announces plans for 10% flotation of shares in WE Soda that may be big enough to propel company into FTSE 100

The family of a Turkish billionaire, who owns a football stadium named after the country’s recently re-elected authoritarian president, Recep Tayyip Erdoğan, could be in line for £650m by floating an industrial company in London.

The family of Turgay Ciner, 67, who has built up an estimated $1.6bn (£1.3bn) empire spanning mining, chemicals, shipping, media and football, controls WE Soda, which on Wednesday announced plans for an initial public offering (IPO) on the London stock market that is expected to value the company at up to $8bn.