Cobalt Holdings PLC on Wednesday said it has scrapped plans to list on the London stock market.

Cobalt Holdings was set up by entrepreneur Jake Greenberg to give investors exposure to cobalt, a key ingredient in battery manufacturing. Greenberg previously founded Yellow Cake PLC, which debuted in London in 2018 and offers investors exposure to uranium.

Cobalt had previously said the IPO will raise about $230 million.

Cobalt also previously said Glencore International AG will participate as a cornerstone investor of $24.3 million to take a 10% stake. Further, Anchorage Structured Commodities Advisor LP was to invest $23 million for a 9.5% holding.

But in a brief statement on Wednesday, the firm said it will not proceed with its proposed initial public offering on the London Stock Exchange.

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