Metlen moves listing to London in £5bn boost for City
Greek industrial giant Metlen Energy & Metals hopes to list in London in August, in a much needed £5.1bn boost to the capital’s beleaguered stock market.
The mining and energy firm confirmed on Friday that, after months of anticipation, it planned to move its primary listing from Athens to London on 4 August subject to the share exchange being completed.
Confirmation of the listing will be seen as a fillip to the London market, which has been rocked by a string of high-profile departures and a dearth of listings. Earlier this month, the £10bn payments firm Wise announced its intention to shift its primary listing to New York, while big ticket listings of IPO contenders like Monzo and Zopa have failed to materialise.
Fewer than 20 companies listed on the main market last year, the lowest number since the 2009 financial crash. Meanwhile just shy of 90 companies quit the stock exchange either through delisting, shifting their listing overseas or via take privates as major buyout firms picked off listed firms thanks to their depressed valuations.
Metlen, which is valued at roughly €6bn (£5.1bn) on Athens’ blue-chip index, confirmed in a note to investors on Friday that its prospectus to list had been approved by the FCA.
Ordinary shares will have a nominal value of €11 and will trade on the main market of the London Stock Exchange, the company’s statement said.
Metlen’s current valuation puts it in contention to join the FTSE 100. It would be the first to do so since tech darling Darktrace, which was admitted into London’s blue-chip index just months after its 2021 IPO before being taken private by US software investor Thoma Bravo last year
Metlen boss chooses London over New York
The firm’s longstanding chief executive Evangelos Mytilineos has previously declared London a better destination for a listing than New York, despite several other bosses trading their place on the UK stockmarket for one across the pond.
He told the Financial Times in April that firms risked “disappearing” in a crowded US market.
“Thousands of companies all over the world are flocking to get into the New York Stock Exchange. You run the risk of disappearing in the crowd,” he said.
“I never did in my life like to stay at the end of the queue — there is a huge queue at the moment for New York.”
He added: “I’d prefer it, if we managed to secure a position in the FTSE 100. I prefer to be on the screens of all the traders around the world.”
Metlen is both an energy and mining firm, which employs over 6,500 people in 40 different countries. Its mining arm focuses on aluminium, alumina and bauxite, the majority if which it processes from a megafactory in Greece. It also trades natural gas, installs power plants and cables, and is a household energy supplier.
Since 1995 been a member of the Athens stock exchange, and plans to retain a secondary listing in its home market after its move to London.