Abenojar Tungsten eyes London IPO as Europe hunts for critical metal supply

Abenojar's plan and the El Moto project

People familiar with the matter said that Abenojar Tungsten SA, a Spanish miner, may pursue a London IPO this year, a move underpinned by Europe's push to lock in supplies of a critical industrial metal. The company has tapped Bank of Montreal, Deutsche Bank AG and Peel Hunt Ltd. to help shape the deal, and the talks could become public in the next few weeks, the people said.

According to its website, the Garcia San Miguel mining family founded Abenojar three years ago to advance the El Moto deposit of tungsten and gold located in Ciudad Real, in central Spain. A feasibility study published in August pegged the project's initial outlay at €211 million ($241 million).

The El Moto mine is slated to begin output in early 2029 and is planned to handle about 1.5 million tons a year. The European Union has labeled it a strategic project. Details of any share sale, including the timetable, could still shift.

Asked about the potential deal, the company, Deutsche Bank and Peel Hunt said they had no comment. Bank of Montreal did not immediately respond to a request for comment.

Why tungsten and why London

Tungsten tops the chart for melting point among metals, and it is essential in renewable energy equipment, aerospace components and defense applications. China produces the bulk of global supply, so European policymakers are working to build more local capacity.

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A livelier pipeline of London listings in the months ahead would help change the story around the City's stock market, which has struggled with thin IPO activity and frequent takeovers in recent years.

The broader UK IPO picture

So far this year, companies listing in London have raised roughly $686 million, Bloomberg data show, with the spring debut of Uzbekistan's national investment fund, UzNIF, accounting for most of that tally. Bloomberg reported previously that Airtel Money, the mobile payments firm, could submit a UK IPO filing as soon as this week, targeting no less than $800 million for its shareholders. Wealth manager Utmost Group Plc is likewise weighing a London offering before year end.

What it means for your money

If Abenojar moves ahead, it would put a critical-materials story on the UK IPO calendar, adding some real-economy heft alongside names like Airtel Money and Utmost. For anyone tracking new issues, it is another sign that investors may soon have more ways to bet on Europe's supply chain rebuild.

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