27th Oct 2026 16:20
(Alliance News) - Abenojar Tungsten SA priced its initial public offering at the lower end of a previously indicated range, the company announced on Tuesday as dealings began.
Shares in developer of the El Moto tungsten project in Spain began conditional dealings in London on the Main Market.
It listed at 110 pence per share, the lower end of a previously guided 110p to 140p range. It debuted with a GBP522.2 million market capitalisation.
Shares declined on debut, trading at 98.03 pence shortly before the closing bell, down 11% from the IPO price.
"Today marks another important milestone for Abenojar Tungsten as we successfully complete our IPO and prepare to begin trading on the Main Market of the London Stock Exchange," Chief Executive Officer Gonzalo Garcia San Miguel said. "We are delighted with the strong support we have received from investors. We believe this reflects the quality of El Moto, its scale, grade and long mine life, as well as the strategic importance of developing a new long-term source of tungsten supply in Europe."
The CEO continued: "The proceeds of the IPO provide us with the capital to continue advancing the development of El Moto towards our target of first production in 2029. With construction already underway and an experienced team in place, our focus now turns firmly to execution. As a founder and shareholder, I am incredibly proud of what the team has achieved in reaching this point. We look forward to welcoming our new shareholders and delivering on the strategy we have set out, with the aim of creating sustainable long-term value for all our shareholders."
The IPO raised GBP142.5 million. Unconditional dealings of the shares begin on Friday.
By Eric Cunha, Alliance News news editor
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