Mina El Moto planea saltar a cotizar a la Bolsa española

Abenójar Tungsten, a Spanish company developing Mina El Moto in Ciudad Real, made its debut on the London Stock Exchange yesterday, trading at 101.5 penies per share, a 0.5% drop. This valuation gives the company a market capitalization of £475 million (£570 million), enabling its executives to aim for inclusion in the FTSE indices by year-end.

Gonzalo García San Miguel, CEO and largest shareholder, presided over the London Stock Exchange opening bell, celebrating a placement that raised £170 million from the sale of new shares, making them own 25% of the capital. The offering was executed at 110 penies per share, facilitated by Peel Hunt, BMO, Deutsche Bank, and Canaccord.

Prior to its listing, the stock's valuation fell to 99 penies during private investor buybacks. Though the shares surged by 8% at the start of trading, gains were subsequently eroded. The proceeds from this transaction, combined with a Deutsche Bank loan, will fund the construction of a subterranean tungsten mine, to be mined from 2029.

The project has been deemed strategic by the European Commission, given tungsten's critical role in producing heat-resistant weapons and equipment. Among Abenójar Tungsten's future plans is the potential construction of a facility in Puertollano, Ciudad Real, to process the tungsten extracted from the mine, avoiding exportation.

García San Miguel disclosed to EXPANSIÓN post-market opening that another of the company's objectives is to "jump" to Spanish stock exchanges (BME) in 2027, maintaining a dual listing with London. He explained that this dual listing makes sense as Abenójar is a Spanish company with many local shareholders. The García San Miguel family controls over 70% of the capital following the placement.

Other companies with listings in both Madrid and London include IAG (airline holding), Coca-Cola Europacific Partners, and Berkeley Energy. Additionally, the company recently published a decree facilitating Spanish firms with stock listings in other markets, even outside the European Union. This is one of the most significant exits to the London Stock Exchange in 2026.

Overall, public offering sales activity is highly active in Europe due to market volatility and some companies choosing to jump to the New York Stock Exchange. In the first nine months of 2026, according to PwC, there were 59 OPV in European stock exchanges, totaling €8.7 billion.