LONDON: METKA, the infrastructure arm of Metlen Energy & Metals, plans to go public on Euronext Athens through an initial public offering of its ordinary shares, it was announced on Wednesday.

The offering will comprise new shares expected to raise around €250 million and existing shares sold by Metlen Energy & Metals Single Member S.A., the Selling Shareholder. The company will not receive any proceeds from the sale of existing shares. Metlen is expected to keep an indirect majority stake after the offering.

The Group said it would use the net proceeds mainly for new public private partnerships (PPPs) and concessions, while keeping some room for real estate and selective expansion in Southeastern Europe.

METKA brings together Metlen’s construction, concessions and facility management businesses under one roof. Its construction arm, METKA ATE, holds the highest seventh-class contractor certification in Greece.

Group revenue rose to €869 million in the twelve months to June 2026 from €364 million in 2024. EBITDA stood at €158 million, an 18.2 percent margin. Construction backlog was around €2.1 billion at the end of June, up about 50 percent from December 2024, while adjusted net cash was €166 million.

The company estimates its construction project wallet at €13.5 billion and is bidding in 19 PPP tenders with a combined value of about €3.3 billion. It has also agreed to acquire a 24 percent interest in the VOAK concession for the Northern Road Axis of Crete, though the deal is yet to be completed.

On dividends, METKA intends to distribute around 35 percent of profit after tax, in line with Metlen’s policy. Over the medium term it expects construction margins to ease to the low teens, still above the industry average.

“METKA has been built around its people and their ability to deliver complex projects safely, on time and within budget,” Chief Executive Dinos Benroubi said.

Metlen Executive Chairman Evangelos Mytilineos said the next stage of growth required a distinct identity and financial autonomy. “This is not a separation from METLEN, but the natural evolution of the model we have followed for decades,” he said.

Morgan Stanley Europe, BNP Paribas and Citigroup are Joint Global Coordinators for the institutional offering. National Bank of Greece and Piraeus Bank are issue advisors for the Greek public offering. Details will be published after the prospectus is approved.