Greece’s Metlen Energy & Metals plans to list in London this summer, in a fresh boost to the ailing UK market following a string of departures. The mining and energy company said that it aimed to shift its primary listing from Athens to London in August, in a move that could see the company admitted into the FTSE 100.
Metlen’s move is the latest vote of confidence in the UK stock market after the Financial Times last week reported that private equity-backed software group Visma had selected London over Amsterdam for the initial public offering of the €19bn company.
The Greek company will not raise any fresh capital as part of its move, and will retain a secondary listing in Athens, where it has a market capitalisation of more than €6bn. Shares in the company have risen by almost 60 per cent in the past year.
The UK market has suffered from a dearth of IPOs in recent years, and a steady stream of companies have been taken private or moved their primary listings to the US. Last month, metal investment group Cobalt Holdings scrapped plans for its London listing.
Metlen’s chief executive Evangelos Mytilineos told the FT earlier this year that London was a better listing venue than New York because companies ran the risk of “disappearing” in the crowded US market. Metlen produces electricity from assets including gas-fired power plants and solar and wind farms, and also has an aluminium, alumina and bauxite business.
It plans to expand into the production of gallium, a critical mineral essential for the technology industry but the supply of which is dominated by China. The industrial group has said it aims to “fully substitute current gallium imports into Europe” from its new production line. Metlen, which reported annual sales of €5.7bn in 2024, said it aimed to go public on the London Stock Exchange on August 4.
