B&C helps the blockbuster £522m listing of Abenójar Tungsten, the third largest LSE IPO this year

03/11/2026

We're delighted to have helped with another milestone IPO: the £522m listing of Abenójar Tungsten on the Main Market of the London Stock Exchange. Not only the largest mining IPO on the London Stock Exchange since 2018, it's also the third-largest IPO on the LSE so far in 2026. The blockbuster IPO cements Black&Callow's unrivalled track record as the #1 ranked financial printer for Main Market and larger AIM Admissions since 2017.

Abenójar Tungsten is a fourth-generation Spanish mining family-owned tungsten developer. The IPO raised approximately £142.5m (€170m) gross proceeds, which will be used to continue advancing the development of the company’s El Moto project, designated an EU Strategic Project in March 2025, towards first production in Q1 2029.

The IPO gives Abenójar Tungsten an initial market capitalisation of approximately £522.2m and comprised entirely new shares including a retail offer through RetailBook. Some 4.5m shares in the offer were issued to UK retail investors, raising approximately £5m. The transaction is the largest mining IPO in London by capital raised since Kazatomprom’s IPO in 2018.

Gonzalo García San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., commented, “Today marks a truly significant milestone for ABT as we join the Main Market of the London Stock Exchange. Today is not the end of our journey, it is the beginning of a new chapter. The IPO is not an end in itself. It is a means to achieve what we have been working towards for so many years: building a magnificent tungsten mine in Abenójar... El Moto has the potential to become one of Europe’s most important sources of tungsten, contributing to the continent’s security of supply of this critical mineral."

Our thanks to our wonderful clients at the company, as well as Simmons & Simmons as legal advisors, BMO Capital Markets and Peel Hunt as Joint Sponsors & Joint Global Co-ordinators, joined by Deutsche Bank and Canaccord Genuity as Joint Bookrunners.

If you'd like to find out how we can help ensure the success of your most prestigious IPOs and fundraises, chat with us today: hello@blackandcallow.com

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