London stock market on the cusp of a comeback, says metals boss

Times

02-08-2025

The London stock market is on the cusp of a major comeback, the head of a £6 billion Greek-based metals and energy company has insisted as its shares begin trading on Monday.
Evangelos Mytilineos, chairman and chief executive of Metlen, said the company's listing in London was confirmation that the City was still the predominant financial centre in Europe after Brexit.
He harbours hopes that it will kick-start a revival of the London Stock Exchange, which has been suffering from a dearth of initial public offerings (IPOs).
'The City has been through a very tough time,' he said. 'Frankfurt, Paris, Amsterdam, they try to take a big chunk of the City business.
'[But] after quite a few years the City has remained the position of the top financial hub in Europe. The City can make a comeback and we will be very happy to make our contribution to that end'
Formerly a family firm that traces its roots back to 1908, Mytilineos agreed to change the name of the Mytilineos Energy and Metals business to Metlen after investment bankers working on the London listing told him it would be too difficult to pronounce. Wall Street firms Citibank and Morgan Stanley are leading the Metlen listing.
The business makes 10 per cent of its revenue in Britain. It is building four gas-fired plants across Britain, completed the Cleve Hill solar park in Kent earlier this month, and is part of the £1 billion consortium building the east coast subsea link.
Under the terms of the listing, he has agreed to conform with London corporate governance standards by splitting his chairman and chief executive roles in the next 18 months. He aims for it to be included in the FTSE 100 index, eventually.
Metlen moving its main listing to London from Athens is not an IPO but its arrival is regarded as a boost for the City where more companies are being taken over than new ones joined.
Metlen picked London rather than Amsterdam for its main listing. It is making the move in an effort to boost its 'visibility'.
Mytilineos said it would have been easier to list in Amsterdam because the regulatory requirements were not as stringent as London but said the Financial Conduct Authority had been 'tough but fair'.
He did not look at New York because 'it would be extremely hard to attract attention' because of the vast number and greater valuations of companies listed there.