Metlen Energy & Metals has announced plans to float its METKA infrastructure business on Euronext Athens, in a share sale expected to raise around €250 million from new shares. The announcement was made on Wednesday, 11 November 2026.

The FTSE 100 group said METKA would apply for admission of all of its shares to trading on the Athens exchange. The offering will include new shares issued by METKA and existing shares sold by Metlen, which expects to keep an indirect majority stake in the business once the listing is complete. METKA itself will receive no proceeds from the sale of existing shares.

What METKA does

METKA was formed in 2026 as part of a reorganisation of Metlen's construction, concessions and facilities businesses. It brings together the group's construction arm METKA ATE, its concessions business M Concessions and facilities manager Unison under a single standalone company.

The unit reported revenue of €869 million for the twelve months to 30 June 2026, up from €689 million for the 2025 financial year, and earnings before interest, tax, depreciation and amortisation of €158 million over the same period. Its construction backlog stood at around €2.1 billion at the end of June, up by about 50 per cent from roughly €1.4 billion at the end of December 2024, representing about 2.7 times its construction revenue for the period. Adjusted net cash was €166 million at 30 June 2026.

Where the money will go

Proceeds from the new shares will primarily fund investment in public-private partnerships and concessions, alongside selected opportunities in real estate and in south-eastern Europe, according to the announcement.

Morgan Stanley Europe, BNP Paribas and Citigroup are acting as joint global coordinators for the institutional offering, while National Bank of Greece and Piraeus Bank are issue advisers for the Greek public offering. Further details, including the timing and pricing of the sale, will be published once the prospectus has been approved.

From review to listing

Metlen first said on 7 October 2026 that it was reviewing strategic options for METKA, including a possible Athens listing, to give the unit additional capital and greater financial autonomy. Wednesday's announcement turns that review into a firm intention to proceed, subject to market conditions and the completion of corporate and regulatory steps.

Metlen has its primary listing on the London Stock Exchange and a secondary listing in Athens, and is a constituent of the FTSE 100. The METKA float would add a sizeable new infrastructure name to the Athens market at a time when European governments are leaning more heavily on private capital to build and run public infrastructure.

For Metlen shareholders, the deal offers a way to crystallise value from a fast-growing part of the group while keeping control of it. For Athens, it is a vote of confidence in the local market from one of Greece's largest listed industrial groups.

Sources: DirectorsTalk and NNR Markets, 11 November 2026.