Spain's Abenójar Tungsten prices its London IPO at 110p, raising about £142.5m for a tungsten mine
Conditional dealings in the Spanish miner began on 27 October, with full admission expected on 30 October. The money will fund the El Moto mine in Ciudad Real.
Abenójar Tungsten, a Spanish mining company, has priced its initial public offering on the London Stock Exchange at 110 pence per share. According to the company's pricing announcement on 27 October 2026, the offer raises gross proceeds of about £142.5 million and implies a market capitalisation of about £522.2 million when conditional dealings start.
Conditional dealings under the ticker ABT began at 08:00 London time on 27 October. Admission and unconditional dealings are expected at 08:00 on 30 October 2026.
The offer
The gross proceeds of about £142.5 million, roughly €170 million at the exchange rate used in the announcement, come from three parts. According to the announcement, 103,171,871 new shares were placed in the main offer, raising about £113.5 million. Direct subscriptions in Spain brought in €34.6 million, and a retail offer through the RetailBook platform accounted for 4,531,796 shares, or about £5 million.
After admission, the company expects to have about 474.8 million shares in issue, with a free float of about 21.9%. The ISIN is ES0106088000.
BMO and Peel Hunt act as joint sponsors, joint global co-ordinators and joint bookrunners. Deutsche Bank is joint global co-ordinator and joint bookrunner, and Canaccord Genuity is joint bookrunner. The company published its price range on 19 October, after a registration document on 7 October.
A soft first day
Spain's elEconomista reports that the price was set at the bottom of the range and that the shares fell about 10% in early conditional trading, to around 99p. It put the company's market value at about €624 million at the offer price. Conditional dealings are provisional: if admission does not happen, trades are cancelled.
The El Moto project
The proceeds will fund construction of the El Moto mine in Ciudad Real province, in central Spain. The company says construction is under way and first production is targeted for 2029. Tungsten is a dense, very hard metal used in cutting tools, defence, electronics and industrial alloys, and Europe relies heavily on imports.
According to elEconomista, El Moto, which contains tungsten and gold, has been named by the European Commission as one of 47 strategic projects under the EU's critical raw materials policy. That status is meant to speed up permitting and help access financing.
Chief executive Gonzalo García San Miguel pointed to "the strategic importance of developing a new long-term source of tungsten supply in Europe" in the announcement.
A rare continental listing in London
London has struggled to attract new listings in recent years, and a Spanish company choosing the London market for its IPO is notable. Law360 described the deal as a £522 million London IPO. Europreneurs Media has also covered the UK government's wider push to mobilise investment capital in the UK Budget.
London also has deep experience in mining finance, with specialist analysts and investors that a single-asset miner might not find on smaller exchanges. That depth may have weighed more heavily than a listing at home.
What it means for European founders and investors
For investors, Abenójar is a test of appetite for European critical raw materials. Policy support is strong, but a pre-production miner still carries construction, cost and commodity price risk until the mine is producing. Pricing at the bottom of the range and a weak start to conditional trading suggest investors are cautious.
For founders and companies in industrial and defence supply chains, a new European tungsten source could reduce dependence on imports in the long run. First production is not expected before 2029, so any effect on supply is several years away.
For companies thinking about a listing, the deal shows that capital markets will fund strategic industrial projects, but at a price. Europreneurs Media has also covered Windward Bio's Nasdaq filing, another European company looking abroad for public capital.
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