Relocation of Listing to London Bolsters City's Wealth by £5 Billion due to Metlen
London, Here We Come! Metlen Energy & Metals Set to Storm the UK Stock Market
Greek industrial powerhouse, Metlen Energy & Metals, is shaking things up with an anticipated London listing in August, aiming to give the capital's struggling stock market a significant £5.1bn boost.
Following months of anticipation, Metlen has confirmed that it plans to transfer its primary listing from the Athens Exchange to the London Stock Exchange's Main Market on the 4th of August, subject to the share exchange being completed.
This move is lightning in a bottle for the London market, which has been reeling from a series of high-profile departures and a scarcity of listings. Earlier this month, the £10bn payments firm Wise announced its intent to shift its primary listing to New York, while big-ticket IPO contenders like Monzo and Zopa have failed to materialize.
Last year, fewer than 20 companies listed on the London Main Market, the lowest number since the 2009 financial crisis. In contrast, nearly 90 companies have either delisted, moved their listings overseas, or been taken private by major buyout firms due to depressed valuations [1][2].
Metlen, boasting a €6bn valuation on Athens' blue-chip index, has received approval for its prospectus to list from the Financial Conduct Authority. The company plans to offer ordinary shares with a nominal value of €11, trading on the London Stock Exchange's main market [1]. With this valuation, Metlen stands a chance to join the FTSE 100, becoming the first since tech darling Darktrace, which was snapped up by US software investor Thoma Bravo last year just months after its 2021 IPO [1].
Metlen's CEO Invested in the City of London
The firm's longstanding CEO, Evangelos Mytilineos, has previously preferred London over New York for its listing, despite several CEOs opting for US exchanges instead. Declaring cities as his battleground, Mr. Mytilineos shared with the Financial Times in April that firms risk being engulfed in a crowded US market.
"Thousands of companies from all over the world are flocking to get into the New York Stock Exchange. You risk getting lost in the crowd," he said. "I never did in my life like to stay at the end of the queue—there's a huge queue at the moment for New York." Instead, he prefers to be "on the screens of all the traders around the world."
Employing over 6,500 people in 40 different countries, Metlen is a force to be reckoned with, focusing on aluminum, alumina, and bauxite—with most of this processed in a megafactory in Greece [1]. The company also trades natural gas, powers plants and cables, and supplies household energy. Since 1995, it has been a mainstay on the Athens Stock Exchange but plans to maintain a secondary listing in Greece after its move to London [1].
In essence, Metlen's move to London serves as a testament to its commitment to strategic financial growth, increased investor exposure, and consolidation under a UK parent company. At the same time, the company remains firmly committed to its operational and economic ties with Greece.
In light of the anticipated London listing on August 4th, Metlen Energy & Metals is expected to inject a significant £5.1bn into the UK's struggling stock market. This strategic move towards the London Stock Exchange's Main Market, following a primary listing on the Athens Exchange, also signifies an opportunity for Metlen to join the FTSE 100, potentially boosting its investor exposure in the global financial market.
