Greek energy firm Mytilineos 'highly likely' to move €5bn listing to London Stock Exchange in huge City boost
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If Mytilineos does list in London, it is likely to be a primary listing, meaning the business - with a €5.2 billion market cap - would enter the FTSE 100. It would keep a secondary listing in its home country.
It would be the first newly listed firm to immediately join London’s top flight since Deliveroo’s blockbuster IPO in 2021.
Mytilineos said a new listing outside of Greece could take place over the next 12-18 months.
The proposed new listing could help to reverse the fortunes of the London Stock Exchange, which has lost a number of big names recently to buyouts and listings abroad. Betting giant Flutter and building materials firm CRH are among those moving their listings to the US, while businesses like Dechra Pharmaceuticals and DS Smith have been bought out, either by listed rivals or private equity firms.
Sentiment in London has improved in recent days, as the FTSE 100 surged to new records, after lagging behind rivals for most of the year.
Though based in Greece, Mytilineos has a notable presence in the UK energy sector. It is building 373MW Cleve Hill Solar Park, currently the UK’s largest consented solar project, as well as Eastern Green Link 1 project for National Grid.
The business was founded by Evangelos Mytilineos, who remains its chairman and CEO. He owns about a quarter of its shares.