Metlen Energy & Metals (LSE:MTLN) confirmed on Wednesday its intention to float METKA, its Greek infrastructure subsidiary, on Euronext Athens, targeting roughly €250 million from a new share issuance alongside a secondary sale of existing shares by parent company Metlen S.A.
METKA is the infrastructure platform bringing together Metlen's construction, PPP and concessions, and facility management businesses in Greece, formed in 2026 through a reorganisation of those three activities into a single group.
On a special purpose combined basis, METKA's revenue rose from €364 million for the year to 31 December 2024 to €869 million for the twelve months to 30 June 2026, with EBITDA of €158 million representing an 18.2% margin over that period.
The company's construction backlog stood at approximately €2.1 billion as of 30 June 2026, up from approximately €1.4 billion at the end of 2024, while Adjusted Net Cash totalled €166 million.
METKA intends to use its net proceeds from the new shares primarily to fund new PPP and concessions investments, with additional flexibility for selective opportunities in real estate and Southeastern Europe.
Metlen will not receive proceeds from the sale of existing shares, which go to the selling shareholder, and is expected to retain an indirect majority shareholding in METKA after the offering completes.
"METKA was created with the strength, experience and culture of excellence of METLEN behind it," said Evangelos Mytilineos, Executive Chairman of Metlen, adding that the listing reflects "the natural evolution of the model we have followed for decades: build strong businesses, give them the freedom to grow."
The offering will combine a public offer to retail and institutional investors in Greece with a private placement to eligible institutional investors outside Greece.
Morgan Stanley Europe, BNP Paribas and Citigroup are acting as Joint Global Coordinators on the institutional offering, with AXIA, Euroxx Securities, Ambrosia Capital, Eurobank, National Bank of Greece and Piraeus Bank as Joint Bookrunners.
The move follows Metlen's announcement, last month, that it was reviewing strategic options for the group, including a potential Euronext Athens listing, as part of consolidating its infrastructure activities into a standalone platform with greater self-funding capacity.
The reorganisation folded METKA ATE, the construction arm, M Concessions, which handles PPP and concession investments, and facility manager Unison into the single METKA structure.
METKA has also agreed to acquire a 24% interest in the VOAK concession covering Crete's Northern Road Axis, described as the largest motorway currently under construction in Europe, alongside a 30% stake in the related construction joint venture, though its participation remains subject to completion of that transaction.
Detailed terms of the combined offering, including pricing, will follow publication of the prospectus once approved by the Hellenic Capital Market Commission.