Spanish miner Abenójar Tungsten (LSE:ABT) made its official market debut on the London Stock Exchange’s (LSE) main market on Friday, marking the largest mining flotation by funds raised in London since 2018.
Some details include unconditional dealings in the shares, trading under the ticker ABT, began on Friday, following conditional trading that started when the IPO was priced at 110 pence a share on Tuesday.
The shares opened marginally higher on Friday and were last up 5.9% at 108 pence as of 0827 GMT.
The company raised €170 million ($271.05 million) in the biggest mining IPO since Kazakh uranium producer Kazatomprom’s (LSE:KAP) £311 million ($593.58 million) listing of Global Depositary Receipts in London in 2018.
With a market capitalisation of £522 million, Abenójar is on the verge of entering the FTSE 250 index, where the number of miners has risen to five.
Abenójar is developing the El Moto Project in Abenójar, Spain, one of the largest and highest-grade undeveloped tungsten projects in the world.
BMO Capital Markets and Peel Hunt acted as joint sponsors and joint global coordinators, alongside Deutsche Bank, with Canaccord Genuity as a joint bookrunner.
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Sonia Cheema)
Main image: Abenójar Tungsten
