Metka plans Euronext Athens listing in late November with a 250 million euro share offering

A return to the Athens bourse

Metka, the infrastructure arm of the Metlen group, has announced its intention to list all of its shares on Euronext Athens. It left the Athens Stock Exchange on 7 July 2017, when it was absorbed by Mytilineos. The planned public offering combines new shares, issued through a capital increase that removes existing shareholders' pre-emption rights, with existing shares sold by Metlen.

Timing reports differ. SKAI says the process will run during the second half of November, while Kathimerini, citing management sources, puts the offering in the last ten days of the month. Naftemporiki reports that about 30% of the company will be offered, whereas Kathimerini gives a range of 25% to 30%. The offer is aimed at retail and institutional investors in Greece and at eligible foreign institutional investors. Metlen expects to keep an indirect majority stake after completion.

On Tuesday, 10 November, Metlen held an event at its headquarters to present the plan. Defence Minister Nikos Dendias and Development Minister Takis Theodorikakos attended, alongside 12 ambassadors, party representatives, banks and media. Evangelos Mytilineos, the group's executive chairman, described the shift in Metka's business model and said that Metlen had passed on a competitive ethos to its subsidiary.

“You cannot always win.”

Mytilineos also said that companies with sufficient scale and the ability to meet the demands of the new model would have strong growth prospects in Greece and the wider region.

Use of proceeds and funding

The new shares are expected to bring in about €250 million. Metka plans to direct the bulk of that money to new public-private partnership and concession projects. A portion would strengthen its financial flexibility for selective opportunities in related areas, such as real estate in southeast Europe, and maintain liquidity to carry out projects it already holds.

Metka will receive nothing from the sale of the existing shares, because those proceeds go to Metlen. Management estimates that the company will need between €250 million and €300 million in additional equity. Beyond the offering, growth is to be financed from operating cash flows and an adjusted net cash position of €166 million at the end of June 2026.

Business structure and order book

The new group will bring together the construction company Metka, M Concessions, which handles public-private partnerships and concessions, and Unison, which runs facilities management. Metka will have independent management and financial responsibility. Its seven-member board will include three independent non-executive directors.

As of 30 June 2026 the construction order book stood at €2.1 billion. Management puts the potential value of projects the company could bid for, including public-private partnerships, at €13.5 billion. Metka already takes part in 19 public-private partnership tenders, whose availability payments have a combined net present value of €3.3 billion.

Preliminary combined figures for the 12 months to June 2026 show revenue of €869 million and EBITDA of €158 million. Revenue was €364 million in the year ended 31 December 2024, according to NewsIT. Management sources cited by Kathimerini also put operating profits at €150 million and the backlog above €2 billion.

Year ended 31 December 2024364

12 months to June 2026 (preliminary)869

Year ended 31 December 2024

364 € million

12 months to June 2026 (preliminary)

869 € million

Data from the article text

Construction order book at 30 June 20262.1

Potential bids, management estimate13.5

NPV of availability payments, 19 PPP tenders3.3

Construction order book at 30 June 2026

2.1 € billion

Potential bids, management estimate

13.5 € billion

NPV of availability payments, 19 PPP tenders

3.3 € billion

Data from the article text

From a Psychiko bar to Metka

Mytilineos has recounted how the acquisition began. In autumn 1997, at a bar in Psychiko, stock market figure Spyros Bellos, who owned Kappa Chrimatistiriaki, urged him to move from metals into industry and suggested Metka, short for Metallic Constructions. According to Kathimerini's account of Mytilineos's remarks, the company had been founded in the 1960s and listed on the exchange in 1972. It was then in a downturn but had a sound balance sheet.

Mytilineos's group began buying shares and reached 25% by summer 1998, when the share price had climbed from 1,000 to 10,000 drachmas. The holder of about 22% then agreed to sell at 12,000 drachmas, and Metka passed into the Mytilineos group.

What comes next

The reports describe a planned transaction rather than a priced offering. Metka's shares are expected to begin trading on Euronext Athens after the offering, and Metlen is set to remain the controlling shareholder. No final offer price or first trading date appears in the reporting so far.