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Spanish mining company Abenojar Tungsten is preparing a London IPO valued at more than £500 million, with £150 million expected to fund development of its El Moto mine. Separately, two US activist investors are pressing self-storage group Big Yellow to consider a sale, renewing scrutiny of its strategy and London listing.
Spanish mining company Abenojar Tungsten is preparing to raise £150 million in a London initial public offering that would value it at more than £500 million, while two US activist funds are pressing self-storage group Big Yellow to consider a sale. The developments come as London seeks new listings and a publicly traded FTSE 250 company faces renewed calls to explore its options.
Abenojar was founded three years ago by the Garcia San Miguel mining family to develop the El Moto tungsten project in central Spain. The company’s expected fundraising would support the mine’s development. The report said confirmation of the £150 million raise was expected as early as October 19, with trading in the shares anticipated to start the week after next. About 25 per cent of the shares are expected to be traded in London.
The report said the flotation would value Abenojar at more than £500 million and place it in the FTSE 250. Construction at El Moto began this year. Once operational, the project is expected to produce a fifth of Europe’s tungsten, a metal used in aerospace and defence. The company has been designated an EU strategic project under the Critical Raw Materials Act.
At Big Yellow, Ohio-based Ancora and New York-based Irenic have each built stakes of about 4 per cent and are calling for the company to seek a buyer. The report said the calls came within 24 hours of each other. Big Yellow operates 115 warehouses in London, providing 6.9 million square feet of storage space, and has plans to expand to 7.7 million square feet.
Big Yellow’s shares had fallen 11 per cent during 2026 at the time of the report, against a slowdown in the housing market. The company, a real estate investment trust valued at about £1.7 billion, said it would “continually evaluate all options to maximise shareholder value.” The activists’ campaign has drawn attention to a possible sale, but the report does not say that Big Yellow has agreed to pursue one.
London Gains a Miner as Big Yellow Faces Sale Calls
The two developments point to different pressures on London’s listed market: a foreign company is seeking capital there, while activists are urging an existing FTSE 250 business to consider leaving public ownership through a sale. Abenojar’s planned listing would add a new issuer at a time when the City has faced a shortage of listings, according to the report. Its proposed size and planned place in the FTSE 250 also make the deal more visible than a small-market admission.
The mine’s importance extends beyond the IPO. Tungsten is used in aerospace and defence, and the report says China controls 80 per cent of supply and imposed export controls last year. If the projected output is achieved, El Moto could become a substantial European source. That production is not yet in operation, however: construction began this year, so the forecast depends on the project being completed and brought into production.
Big Yellow’s campaign matters to shareholders because a sale could change the company’s ownership and future as a London-listed REIT. Activists point to the gap between the share price and the company’s net asset value, while Big Yellow says it is reviewing options. These are competing positions, not evidence that a transaction is imminent. Any outcome would depend on the company, potential bidders and the terms available.
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The Listing and Activist Campaign
The original report, published by This Is Money on October 18, 2026, placed Abenojar’s proposed flotation alongside London’s wider effort to attract companies. It cited the recent £5.3 billion London flotation of African mobile payments firm Airtel Money, described in the report as the largest London listing in five years. Abenojar would be another foreign company choosing the City to raise funds, although its proposed valuation is much smaller.
El Moto has been designated an EU strategic project under the Critical Raw Materials Act. The reported expectation that the mine could account for one-fifth of Europe’s tungsten supply refers to its future production once operational; it is not current output. China’s reported 80 per cent share of supply and its export controls provide market context for interest in alternative sources, but the source does not provide a price forecast or quantify how the controls affect Abenojar’s finances.
Big Yellow has faced sale speculation before. The report said Blackstone appeared poised to make an approach about a year earlier, but talks broke down over price. Ancora has said Blackstone’s potential offer was 50 per cent above Big Yellow’s current share price, though that offer was never made public, according to the report. Ancora and Irenic have also pointed to Blackstone and private equity firm KKR as possible sponsors of a new bid. Those references are the activists’ suggestions, not confirmation that either investor is preparing an offer.
““continually evaluate all options to maximise shareholder value.””
— Big Yellow
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IPO Terms and Sale Prospects Remain Open
The report said confirmation of Abenojar’s £150 million fundraising was expected the following day, but the source material does not provide a final prospectus, offer price, confirmed share allocation or completed listing. The stated valuation and expected FTSE 250 inclusion are plans rather than confirmed post-listing outcomes. The project’s eventual output, timetable and contribution to European supply are also subject to construction and operational progress.
For Big Yellow, no buyer, bid or formal sale process is confirmed in the report. The terms of the earlier Blackstone discussions remain undisclosed, and Ancora’s account of a potential premium cannot be independently assessed from the material provided. It is also unclear whether Big Yellow’s board will recommend a sale, whether other bidders will emerge or how the two activist funds will pursue their campaign.
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Expected Trading and Board Response
The immediate milestone for Abenojar is confirmation of the fundraising and publication of the details needed to assess its proposed valuation and share offering. The report expected dealings to begin in London the week after next, relative to its October 18 publication. Investors will be able to judge the final terms once the company releases them; the expected FTSE 250 position and listing timetable should be checked against subsequent company and exchange announcements.
At Big Yellow, attention will turn to whether the board responds to the activists’ calls with a formal strategic review or continues to evaluate options without launching a sale process. Any approach or negotiations would need to be confirmed by the company or the parties involved. The report provides no timetable for a decision, so the prospect of a transaction remains unresolved.
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Key Questions
What is Abenojar Tungsten planning?
The Spanish mining company is preparing a London IPO valued at more than £500 million. It expects to raise £150 million to help develop the El Moto tungsten mine in central Spain, subject to confirmation of the offering details.
When are Abenojar shares expected to begin trading?
The report published October 18, 2026 said dealings were expected to start the week after next. That was an expected timetable, not confirmation that trading had begun.
Why are investors interested in the El Moto mine?
The project is expected to produce a fifth of Europe’s tungsten once it is operating. Tungsten is used in aerospace and defence, and the report said China controls 80 per cent of supply and imposed export controls last year. El Moto is still under development, so the forecast is not current production.
Why are activists calling for Big Yellow to be sold?
Ancora and Irenic, which each hold about 4 per cent of the company, are urging Big Yellow to seek a buyer. Their campaign points to the share price relative to net asset value and refers to earlier sale interest, but no current bid or sale process is confirmed.
Has Big Yellow agreed to sell itself?
No sale agreement is reported. Big Yellow said it would continue to evaluate options to maximise shareholder value, but the source does not confirm that its board has decided to pursue a sale.
Source: rss
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