€5bn Greek energy group Mytilineos explores London listing

Business

A Greek energy and metals group has picked two of Wall Street’s biggest banks to prepare it for a UK listing that could propel it into London’s blue-chip share index.

Sky News has learnt that Mytilineos, an Athens-listed industrial conglomerate, is working with Citi and Morgan Stanley on a London Stock Exchange flotation that would be expected to take place later this year.

City sources said on Friday that the company, which has a market capitalisation in Athens of more than €5bn (£4.3bn), was considering relocating its primary listing in London, which could lead to it being eligible for inclusion in FTSE indices.

Mytilineos, which was founded in 1990 and has been listed on Athens’ stock exchange for three decades.

It intends to retain a listing in Greece even after it floats in London, according to one insider.

The company boasted revenues last year of over €5bn, with earnings before interest, tax, depreciation and amortisation of over €1bn.

Employing more than 6,500 people globally, it has a presence in more than 40 countries, including Australia, Canada and Chile.

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In the UK, it has been present for more than ten years constructing renewable energy, grid and storage projects.

If Mytilineos proceeds with the UK float, it would deliver a welcome boost to the LSE at a time when searching questions are being posed about its future as a destination for high-growth and international companies.

In recent weeks, Flutter Entertainment has confirmed its intention to move its primary listing to the US, while a number of smaller healthcare companies have announced plans to delist from the London market citing a lack of liquidity and their depressed valuations.

Mytilineos declined to comment.

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