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Spanish mining company Abenojar Tungsten is preparing a London IPO that would value it at more than £500 million and raise £150 million for its Spanish mine. Separately, two US activist funds are urging Big Yellow to explore a sale, renewing questions about the self-storage group’s future on the London market.
Spanish miner Abenojar Tungsten is preparing an initial public offering in London that would value it at more than £500 million, as US activist investors separately press self-storage group Big Yellow to consider a sale. The developments put the spotlight both on London’s ability to attract overseas listings and on pressure facing a major company already traded on the exchange.
Abenojar Tungsten is expected to raise £150 million to help develop its El Moto tungsten mine in central Spain, according to a report by This Is Money. Confirmation of the fundraising was expected as early as October 19, 2026. The company was established three years ago by the Garcia San Miguel mining family to develop the site.
About 25 per cent of Abenojar’s shares are expected to be traded in London, with dealings anticipated to begin the week after next, the report said. It also said the company was set to join the FTSE 250; the reported valuation and index expectation are not presented as completed outcomes. Construction at El Moto began this year.
In a separate development, two US activist funds, Ancora and Irenic, have called on FTSE 250-listed Big Yellow to look for a buyer. The report said each fund holds about 4 per cent of Big Yellow. Ancora has set up a campaign website through its advisers, arguing that Big Yellow’s shares trade at a discount to the company’s net asset value. Big Yellow said it would “continually evaluate all options to maximise shareholder value.”
London’s Listing Appeal Under Scrutiny
The planned flotation would provide a new test of whether London can attract companies seeking capital, particularly after a period described in the report as a dearth of listings. Abenojar would bring a Spanish mining business to the market, with the proposed funds directed toward developing a mine rather than an established, producing operation. The listing is planned, but its fundraising and market debut remain subject to confirmation.
The mine’s proposed output also has a strategic dimension. The report says El Moto could produce one-fifth of Europe’s tungsten once operational and has been designated an EU strategic project under the Critical Raw Materials Act. Tungsten is used in aerospace and defence, and the report links rising prices to export controls imposed by China, which it says controls 80 per cent of supply. The output estimate is prospective; the mine is still under development.
Big Yellow’s campaign points to a different question for London-listed companies: whether activist pressure can prompt a strategic sale. A sale could change the ownership of a large UK self-storage operator, but neither an agreed buyer nor a formal offer is reported. The company’s public statement commits it to reviewing options, not to a sale.
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Two Different Tests for London
The Abenojar report follows the £5.3 billion flotation of Airtel Money, an African mobile payments business, which This Is Money described as London’s largest listing in five years. The comparison frames Abenojar as another potential international issuer, though at a substantially smaller reported valuation. The article characterizes the wider London market as having struggled to attract listings in recent years.
El Moto is in development, with construction having begun in 2026. The company’s expected production role depends on the mine being completed and brought into operation; the report does not give a production start date. It says the project has EU strategic-project status, but does not detail the specific support or benefits associated with that designation.
Big Yellow is a real estate investment trust valued at about £1.7 billion, according to the report. It operates 115 London warehouses with 6.9 million square feet of storage space and has plans to expand capacity to 7.7 million square feet. The report attributes an 11 per cent fall in its shares this year to a slowdown in the housing market.
The current campaign follows earlier interest from US property company Blackstone. Talks about a possible approach broke down last year over price, the article said. Ancora claims Blackstone’s potential offer was 50 per cent above Big Yellow’s current share price, but the offer was never made public, according to the report. It also names Blackstone and private equity firm KKR as possible sponsors of a new bid; neither is reported to have made an offer.
““Continually evaluate all options to maximise shareholder value.””
— Big Yellow
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Fundraising and Sale Remain Unconfirmed
The report says confirmation of Abenojar’s £150 million fundraising was expected as early as October 19, but the source material does not confirm whether it was completed. The final offer terms, the precise listing date and whether the company will enter the FTSE 250 as expected are also not established here. The mine’s eventual production schedule and output have not been specified.
For Big Yellow, the activists’ requests do not amount to a company decision or a bid. It remains unclear whether the board will launch a sale process, whether potential buyers will engage, or what price any buyer might offer. The historical Blackstone figure is attributed to Ancora and was not publicly disclosed as an offer, according to the report.
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IPO Confirmation and Board Response
The next near-term milestone for Abenojar is confirmation of the reported fundraising, which the article said could come as early as October 19. If the timetable holds, dealings in London are expected to start the week after next. Investors and readers will need confirmation of the final terms, trading start and any FTSE 250 inclusion.
Big Yellow’s next step is not specified. The company says it will review options, while Ancora and Irenic are pressing it to seek a buyer. Further information from the board, any formal approach, or a change in the company’s stated position would clarify whether the campaign leads to a sale process.
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Key Questions
What is Abenojar Tungsten planning?
The Spanish mining company is preparing a London IPO expected to value it above £500 million. The reported plan includes raising £150 million to develop the El Moto tungsten mine.
When could Abenojar shares begin trading?
This Is Money reported that dealings were expected to start the week after October 18, 2026. The precise start date is not confirmed in the source material.
Why are activists targeting Big Yellow?
Ancora and Irenic are urging Big Yellow to look for a buyer. Ancora’s campaign says the shares trade at a discount to net asset value, while Big Yellow has said it will review options to maximise shareholder value.
Has Big Yellow agreed to sell itself?
No sale agreement is reported. The company’s statement says it will evaluate options, but there is no confirmed sale process or formal offer in the source material.
Is the El Moto mine already producing tungsten?
No. The report says construction began in 2026 and describes the mine’s future production as prospective. It does not provide a date for when operations or commercial output might begin.
Source: rss
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