METKA Targets €250 Million from Athens IPO
Key Facts
On 11 November 2026, METKA announced its intention to proceed with an initial public offering and apply to list all its shares on the regulated market of Euronext Athens, separating Metlen Energy & Metals’ infrastructure platform into a listed entity. The new share issue is expected to raise about €250 million, while the offering will also include existing shares sold by Metlen. METKA said proceeds from the new shares would be used mainly to support growth in its infrastructure activities, particularly investment in public-private partnership projects and concessions. The use of funds also includes selected real estate opportunities in southeastern Europe. The arrangement gives the company new funding for expansion, while allowing Metlen to sell part of its stake in the transaction.
METKA comprises construction, partnerships and concessions, and facilities management businesses. It is an indirect, wholly owned subsidiary of Metlen Energy & Metals PLC. The platform operates through three wholly owned operating companies: METKA ATE for construction, M Concessions for partnerships and concessions, and UNISON for facilities management services. The company said METKA was formed in 2026 as part of a reorganization of Metlen Group’s construction, concessions and partnerships sectors. The structure brings different activities under one platform preparing for a listing, with the stated investment priority directed toward new infrastructure projects. The announcement did not specify a valuation for the company in the offering.
On a specially prepared consolidated basis, METKA’s revenue rose from €364 million in the financial year ended 31 December 2024 to €869 million in the twelve months ended 30 June 2026. Earnings before interest, taxes, depreciation and amortization were €158 million in the latest period, with a margin of 18.2%. As of 30 June 2026, the construction order book stood at about €2.1 billion, while the company reported adjusted net cash of €166 million. These figures provide a picture of the platform’s business scale and liquidity ahead of the planned offering. They are based on the periods and consolidated basis specified in the company’s announcement.
In a trading update issued on 5 November, Metlen said revenue from its infrastructure and concessions sector reached €534 million in the first nine months of 2026, up 50% from €356 million in the corresponding period of 2025. The group cautioned that the sector figures are not directly comparable with those of the new METKA group because of differences in scope and accounting boundaries. It also said METKA ATE completed the restoration of the Athens–Thessaloniki railway line on 31 July, covering 40 kilometres, after carrying out the work over 15 months. Metlen said the project was delivered on schedule. The update provides indicators of the sector’s activity and projects, while comparisons with the new platform remain constrained by differences in scope.
The offering structure includes a public offering in Greece to retail and institutional investors, alongside a private placement to qualified institutional investors outside the country. METKA said the announcement of intention is neither a prospectus nor an offer of securities in any jurisdiction. Completion of the offering and admission of the shares to listing remain subject to publication of an approved prospectus and the transaction proceeding. The move therefore represents an announcement of an intention to list, while the offering and listing procedures remain conditional on meeting those requirements.