Metlen Energy & Metals, the €6.7 billion energy and metals conglomerate previously known as Mytilineos, today began trading on the London Stock Exchange, delivering the City’s largest new listing of 2025 — and a rare boost for a market starved of high‑value IPOs.
The company’s shares opened on the LSE’s main market after more than 90% of shareholders accepted a voluntary share exchange offer, switching their Athens‑listed stock into a new UK holding company. Metlen will retain a secondary listing in Athens, with its chairman, Evangelos Mytilineos, highlighting the move as a signal of confidence in London’s governance and capital market standards.
Metlen’s London entry comes at a time when new listings have slowed to a multi‑decade low. According to EY, only five companies listed on the London Stock Exchange in the first quarter of 2025, raising £74.7 million, while fewer than 20 companies listed in the whole of 2024. Total proceeds so far this year stand at just £182.8 million — a 64% drop compared with the same period last year.
Analysts note that Metlen’s debut is especially significant because it is not a fundraising IPO, but a primary share exchange designed to broaden the company’s investor base and enhance liquidity. The company, which operates across energy generation, renewables, and metals, reported revenues of €5.49 billion last year, with roughly 10% of its business generated in the UK. Its UK presence includes the Cleve Hill solar park and several gas‑fired power stations.
The LSE listing is expected to pave the way for Metlen’s inclusion in the FTSE 100 index during the next reshuffle, potentially increasing institutional demand. The move is also set to increase scrutiny — Mytilineos has pledged to split the roles of chairman and chief executive within 18 months to align with UK governance requirements.
Market commentators see the company’s arrival as a morale boost for the City, which has seen several high‑profile departures and a weak pipeline of large listings. Chairman Evangelos Mytilineos said the decision was a “vote of confidence” in London, and that the company favoured the UK over the United States due to more suitable regulatory structures and governance standards.
The broader context remains challenging. Despite the Metlen listing, activity on the London Stock Exchange remains muted, with 2025 on track to be one of the slowest years for new public market activity since the 1990s. Other large floats — including private equity‑backed Visma and Shawbrook — are seen as possible catalysts for a market revival later in the year.
Metlen’s London debut follows a €295.5 million investment programme to expand production of bauxite, alumina, and gallium in Greece, and ongoing warnings from its leadership about the impact of high energy costs on European industry. The group’s shares will continue to trade in Athens, but the move is seen as an important test of London’s continued appeal for international issuers.
