Taiwan’s TCC Said to Favor London for IPO of European Unit

TCC Group Holdings Co., the Taiwanese conglomerate behind Taiwan Cement, is leaning toward London as the venue for a planned listing of its European business, according to people familiar with the matter, Bloomberg News reported.

The company had previously said it was evaluating a listing on European capital markets, with London, Paris, Frankfurt and Amsterdam all under consideration.

According to Bloomberg’s sources, London has now emerged as the front-runner, in what would be a rare instance of a Taiwan-listed group choosing the UK capital for an international spin-off IPO.

The entity in question is TCC Dutch, the group’s Netherlands-based subsidiary that houses its European cement and energy operations, including facilities in Turkey and Portugal, as well as newer energy platforms NHOA Energy and Atlante.

Chairman Nelson Chang has said Europe now generates roughly 44% of group revenue — its largest single regional market, ahead of Taiwan’s 36% — with turnover of about €19 billion.

TCC has already engaged BNP Paribas, Morgan Stanley and Goldman Sachs to advise on the potential offering. Executives have pointed to structural tailwinds in Europe, including rising demand for low-carbon cement, a maturing carbon-pricing regime, and growth in electrification and energy storage, as rationale for tapping European investors directly rather than relying solely on its Taipei listing.

A London listing would be a notable win for the UK exchange, which has struggled to attract large international IPOs in recent years amid competition from European rivals and New York. Details on timing, size and structure of the offering have yet to be finalized, and TCC has not commented publicly on the reported London preference.