International law firm Simmons & Simmons has advised Spanish critical minerals developer Abenójar Tungsten on its landmark initial public offering (IPO) and admission to the Main Market of the London Stock Exchange, raising approximately £142.5 million.
The transaction is the largest mining IPO on the London Stock Exchange by capital raised since 2018 and the third-largest London IPO so far in 2026.
Abenójar Tungsten joined the London Stock Exchange’s Main Market on 30 October, with a market capitalisation at the offer price of approximately £522.2 million.
Abenójar Tungsten is developing the El Moto tungsten and gold project in Abenójar, Ciudad Real, Spain, one of the largest and highest-grade undeveloped tungsten projects globally. El Moto was designated a Strategic Project under the EU Critical Raw Materials Act in March 2025, reflecting its potential role in strengthening Europe’s supply of tungsten.
The IPO raised gross proceeds of approximately £142.5 million through an all-primary offering, including a retail component. The proceeds will support the continued development of El Moto towards first production, targeted for the first quarter of 2029.
The transaction highlights Simmons & Simmons’ cross-border equity capital markets and natural resources capabilities and experience advising businesses operating in the strategically important mining sector.
The Simmons & Simmons team was led by London Corporate Partner Alexander Keepin and Madrid Corporate Counsel Daniel Vazquez, supported by a multidisciplinary team across the firm’s London and Madrid offices.
Commenting on the transaction, Alexander Keepin said: “Abenójar’s admission is a significant transaction for both the London market and the mining sector, as the largest mining IPO in London since 2018. It has been a privilege to support the Abenójar team on this important milestone as it moves forward with the development of a strategically important European source of tungsten.”
