In a rare win for Britain’s arid capital markets, Athens-based multinational METLEN Energy & Metals has taken the first steps towards listing its shares on the London Stock Exchange.
The company, which currently trades on the Athens Stock Exchange, filed a draft listing prospectus with the UK Financial Conduct Authority for review, per a Monday press release.
Metlen launched a strategic review earlier this year to explore options for listing on an international exchange.
The review concluded that a primary listing in London, alongside retaining a secondary listing on the Athens Stock Exchange, was the best option for the business and shareholders.
“I am delighted we have concluded our internal extensive strategic review and that the listing process in London has officially started,” said METLEN’s chairman Evangelos.
Mytilineos noted that METLEN has had a presence in the UK and international markets “for many years”.
METLEN is expected to IPO some time in 2025. The group is currently valued at around €4.8 billion (£4 billion), making it a possible contender for the FTSE 100 blue-chip index.
The London Stock Exchange has suffered blow after blow in recent years as dozens of companies either switch their listings to the US or sell out to private equity.
Yet the beleaguered Square Mile saw another rare win this Monday when French film and TV company Canal++ pressed go on the largest new London listing in two years.