Greek energy group Metlen plans August London listing

Keep knowledgeable with free updatesSimply signal as much as the Power sector myFT Digest — delivered on to your inbox.Greece’s Metlen Power & Metals plans to record in London this summer time, in a recent increase to the ailing UK market following a string of exits. The mining and power firm mentioned on Friday that it aimed to shift its major itemizing from Athens to London in August, in a transfer that might see the corporate admitted into the FTSE 100. It’s the newest vote of confidence within the UK inventory market after the Monetary Occasions this week reported that non-public equity-backed software program group Visma had chosen London over Amsterdam for the preliminary public providing of the €19bn firm.Metlen is not going to increase any recent capital as a part of its transfer, and can retain a secondary itemizing in Athens, the place it has a market capitalisation of greater than €6bn. Shares within the firm have risen by nearly 60 per cent prior to now 12 months. The UK has suffered from a dearth of IPOs in addition to exits from firms which have moved their major listings to different exchanges. This month, metallic funding group Cobalt Holdings scrapped plans for its London itemizing. Metlen’s chief govt Evangelos Mytilineos instructed the FT earlier this 12 months that London was a greater itemizing venue than New York as a result of firms ran the danger of “disappearing” within the crowded US market. Metlen produces electrical energy from property together with gas-fired energy vegetation and photo voltaic and wind farms, and in addition has an aluminium, alumina and bauxite enterprise.It plans to increase into the manufacturing of gallium, a crucial mineral important for the expertise trade however the provide of which is dominated by China. The economic group has mentioned it goals to “absolutely substitute present gallium imports into Europe” from its new manufacturing line. RecommendedMetlen, which reported annual gross sales of €5.7bn in 2024, mentioned it aimed to go public on the London Inventory Change on August 4. International provide chains have been rocked by the Trump administration’s imposition of a variety of import tariffs and the escalating US-Sino commerce conflict. Nonetheless, Metlen mentioned on Friday that the direct influence of tariffs “can be negligible to the group”.