Mytilineos, a Greek energy and metals group, is making moves to switch its primary listing to London, with the help of two Wall Street banks, Citi and Morgan Stanley. This strategic decision could potentially propel the company into London’s prestigious blue-chip share index.
With a market capitalization exceeding €5bn (£4.3bn) in Athens, Mytilineos is eyeing a London Stock Exchange (LSE) flotation later this year. The company, founded in 1990, has been listed on the Athens stock exchange for the past three decades. Despite the potential move to London, Mytilineos plans to maintain its listing in Greece.
Last year, Mytilineos reported revenues surpassing €5bn, with earnings before interest, tax, depreciation, and amortization exceeding €1bn. The company, which employs over 6,500 individuals globally, operates in more than 40 countries, including Australia, Canada, and Chile. In the UK, Mytilineos has been active for over a decade, focusing on renewable energy, grid, and storage projects.
If Mytilineos proceeds with the UK float, it would not only boost its international presence but also provide a welcome lift to the LSE. This move comes at a crucial time for the exchange, as other companies like Flutter Entertainment have announced plans to shift their primary listings to the US. Additionally, some healthcare companies have expressed intentions to delist from the London market due to concerns about liquidity and valuations.
Mytilineos has chosen to remain tight-lipped about the potential listing in London, but industry insiders are closely watching the developments as the company navigates this significant transition.