Greek Energy Firm Mytilineos Considers London Stock Exchange for €5bn Listing

Mytilineos SA

Greek energy firm Mytilineos is contemplating a significant move that could have a substantial impact on the City's financial landscape. With plans to potentially shift its stock listing from Athens to an international exchange, the London Stock Exchange emerges as the primary contender for this transition.

Currently ranked as the seventh-largest listed business in Athens, Mytilineos, with its workforce of 6,500 employees globally, has initiated a strategic review aimed at enhancing shareholder value. As part of this review, the company is considering relocating its listing, with London identified as a promising alternative. Sources suggest that the City is Mytilineos' preferred choice.

Should the energy giant opt for a London listing, it would likely secure a primary position, propelling it into the prestigious FTSE 100 index. Simultaneously, the company would maintain a secondary listing in its home country. Such a move would mark the first instance since Deliveroo's high-profile IPO in 2021 that a newly listed firm swiftly ascends to London's elite ranks.

Mytilineos envisions the transition to a new listing venue occurring within the next 12-18 months, potentially revitalizing London's stock market. Amid recent departures of major players to overseas exchanges and buyouts, Mytilineos' move could inject fresh momentum into the London Stock Exchange, which has experienced a series of setbacks.

Mytilineos has established a notable presence in the UK energy sector despite its Greek roots. Notable projects include the Cleve Hill Solar Park construction, the largest consented solar project in the UK, and the Eastern Green Link 1 project for National Grid.

Founded by Evangelos Mytilineos, who continues to serve as its chairman and CEO, the company boasts significant ownership, with its founder holding approximately a quarter of its shares.

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