Abenójar Tungsten to Debut on London Stock Exchange Valued Up to €730 Million

✦ Meridian Analysis

Abenójar Tungsten, the Spanish miner that develops the El Moto tungsten‑gold project in Ciudad Real, is preparing a London‑listed initial public offering. The company has filed a prospectus with the LSE that sets the price range at £1.10‑£1.40 per share, valuing the business between £525 million and £628 million (€610‑€730 million). The transaction is a capital‑increase IPO, with the aim of raising roughly €170 million and creating a free‑float of about 25 per cent; the current owners will retain roughly three‑quarters of the equity. The majority shareholder, Promotora de Minas de Carbón – controlled by the García San Miguel family – has agreed to a one‑year lock‑up. BMO Capital Markets, Peel Hunt and Deutsche Bank act as joint coordinators, while Canaccord Genuity is a bookrunner. The offering includes a tranche reserved for small British investors, a feature that has been rare in recent Spanish listings. Tungsten, essential for cutting tools, heat‑resistant alloys and defence applications, accounts for less than a third of the EU’s supply, the rest coming largely from China. The European Commission’s designation of El Moto as a strategic project in March 2025 accelerates permitting and widens financing options, reflecting the sector’s policy relevance. Investors will be watching the final pricing and allocation, the exact composition of the €170 million raise, and any ancillary debt facilities that may be arranged to bridge the €30 million gap between the capital raised and the €200 million feasibility cost. The prospectus does not disclose underwriting fees, the timeline for regulatory clearance, or the post‑listing lock‑up terms for the minority shareholders, all of which will shape the market’s reception once the 30 October debut is confirmed.

The Meridian Weekly