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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 El Moto mine. Separately, US activist investors are urging self-storage group Big Yellow to consider a sale, adding pressure on the London-listed company.
Spanish mining company Abenojar Tungsten is preparing a London initial public offering valuing it at more than £500 million, while two US activist funds are urging self-storage group Big Yellow to explore a sale. The developments put a prospective new listing alongside renewed scrutiny of an existing FTSE 250 company, as London seeks to attract issuers and investors debate Big Yellow’s future.
Abenojar Tungsten is expected to raise £150 million to help develop its El Moto tungsten mine in central Spain, according to the report. Confirmation of the fundraising was expected as early as October 19, 2026. About 25 per cent of the company’s shares are expected to be traded in London, with dealings anticipated to begin the week after next.
The company was established three years ago by the Garcia San Miguel mining family to develop the site. Construction began this year. The report says the project has been designated an EU strategic project under the Critical Raw Materials Act and, once operating, is expected to produce a fifth of Europe’s tungsten. Tungsten is used in aerospace and defence; the report links rising prices to China’s export controls imposed last year and says China controls 80 per cent of supply.
Separately, Ancora and Irenic, two US activist funds that each hold about 4 per cent of Big Yellow, have called on the self-storage group to look for a buyer. Big Yellow operates 115 London-based warehouses with 6.9 million square feet of storage space and has plans to expand capacity to 7.7 million square feet. The report says its shares had fallen 11 per cent this year amid a housing-market slowdown, then recorded double-digit gains following the activists’ interventions and sale proposal.
A New Mining Issuer, a Sale Campaign
The proposed flotation would give London investors access to a company developing a European source of tungsten, a material used in aerospace and defence. If the IPO proceeds on the terms described, its size and planned FTSE 250 inclusion would make it a prominent addition to the market. The project’s strategic designation and the concentration of global supply cited in the report help explain the interest in its development, but neither the planned production share nor the listing is a guarantee of future output or performance.
Big Yellow’s situation highlights a different question for the London market: whether shareholder pressure can lead to a sale of an established listed company. A takeover could change the ownership of a major UK storage operator, but no sale has been agreed. The activists’ campaign and the company’s response are developments to watch, not evidence that a transaction will happen.
Taken together, the stories show contrasting pressures around London equities: a foreign company seeking capital in the city, and a listed business facing demands to consider leaving public ownership. The report describes Abenojar as a boost for the City against a backdrop of a shortage of listings, but the full market impact will depend on whether the IPO is completed and what Big Yellow’s board decides.
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The London Listing and Big Yellow Campaign
The report places the proposed Abenojar flotation after the £5.3 billion listing of African mobile payments firm Airtel Money, which it describes as the largest London listing in five years. It says London has faced a dearth of listings in recent years, prompting questions about the exchange’s appeal to companies seeking capital. Abenojar’s planned fundraising would add to that debate, though the announced timetable remained prospective at the time of publication.
Big Yellow is a real estate investment trust valued at about £1.7 billion, according to the report. It has faced sale speculation before: a year earlier, discussions involving US property company Blackstone reportedly broke down over price. Ancora says Blackstone’s proposed offer was 50 per cent above Big Yellow’s then-current share price, but the report notes that the offer was never made public. Ancora has also named Blackstone and private equity firm KKR as potential sponsors for a new bid; that does not mean either firm has made an offer.
The activists’ campaign became public after Ancora held meetings with Big Yellow, the report says. A website called unlockbigyellow.com, established by advisers to Ancora, argues that the shares trade at a 40 per cent discount to net asset value. That figure is the campaign’s stated comparison, not an independently established valuation conclusion. The report says the housing-market slowdown has weighed on the shares, while plans to increase storage capacity point to the company’s intended growth in physical space.
“The company said it would “continually evaluate all options to maximise shareholder value”.”
— Big Yellow
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IPO Terms and Sale Prospects
The report gives an expected IPO valuation above £500 million and a target raise of £150 million, but the final offer terms, investor demand and completion status were not confirmed in the material. The reported October 19 confirmation and expected trading date were forecasts, not completed milestones. The eventual production schedule and output at El Moto are also not specified.
For Big Yellow, there is no confirmed sale process, buyer or offer. It is not clear whether either activist has secured support from other shareholders, whether the board will formally consider a sale, or whether Blackstone, KKR or another potential buyer is interested. The 40 per cent net-asset-value discount and the claim about Blackstone’s past offer are attributed to the campaign and should not be treated as confirmed transaction terms.
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IPO Confirmation and Board Response
The immediate milestone for Abenojar is confirmation of its planned £150 million fundraising, followed by the expected start of London dealings the week after next, according to the report’s timetable. Final terms and the actual listing date would clarify whether the flotation proceeds as planned.
For Big Yellow, attention will turn to how its board responds to the calls from Ancora and Irenic and whether any potential buyer comes forward. The company’s stated position is that it will assess options to maximise shareholder value. Until a formal process or offer is announced, a sale remains a possibility rather than a confirmed outcome.
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Key Questions
What is Abenojar Tungsten planning?
The Spanish mining company is preparing a London IPO that would value it above £500 million and raise a reported £150 million for development of its El Moto tungsten mine. The fundraising and listing were still expected developments in the report.
When are Abenojar shares expected to start trading?
The report said London dealings were expected to begin the week after October 18, 2026. That was an anticipated timetable, not confirmation that trading had started.
Why are investors watching the El Moto mine?
The project is designated an EU strategic project under the Critical Raw Materials Act. The report says tungsten is used in aerospace and defence and that the mine could produce a fifth of Europe’s tungsten once operating. Its output and timing remain future expectations.
Who is pressing Big Yellow to consider a sale?
US activist funds Ancora and Irenic, each reported to hold about 4 per cent of Big Yellow, have urged the self-storage company to seek a buyer. No sale or offer has been confirmed.
Has Big Yellow agreed to sell the company?
No. Big Yellow said it would continually evaluate options to maximise shareholder value, but the report does not identify an agreed sale, a formal offer or a confirmed buyer.
Source: rss
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