A Greek power and metals group has picked two of Wall Road’s greatest banks to arrange it for a UK itemizing that might propel it into London’s blue-chip share index.
Sky Information has learnt that Mytilineos, an Athens-listed industrial conglomerate, is working with Citi and Morgan Stanley on a London Inventory Trade (LSE) flotation that will be anticipated to happen later this 12 months.
Metropolis sources mentioned on Friday that the corporate, which has a market capitalisation in Athens of greater than €5bn (£4.3bn), was contemplating relocating its major itemizing in London, which might result in it being eligible for inclusion in FTSE indices.
Mytilineos, which was based in 1990 and has been listed on Athens’ inventory trade for 3 a long time.
It intends to retain an inventory in Greece even after it floats in London, in accordance with one insider.
The corporate boasted revenues final 12 months of over €5bn, with earnings earlier than curiosity, tax, depreciation and amortisation of over €1bn.
Using greater than 6,500 individuals globally, it has a presence in additional than 40 nations, together with Australia, Canada and Chile.
Within the UK, it has been current for greater than ten years establishing renewable power, grid and storage tasks.
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If Mytilineos proceeds with the UK float, it might ship a fine addition to the LSE at a time when looking out questions are being posed about its future as a vacation spot for high-growth and worldwide firms.
In current weeks, Flutter Leisure has confirmed its intention to maneuver its major itemizing to the US, whereas numerous smaller healthcare firms have introduced plans to delist from the London market citing an absence of liquidity and their depressed valuations.
Mytilineos declined to remark.
