This Tuesday at 12, Inmocemento, the spin-off of the real estate and cement business of the construction company FCC. It has done so with a first price of 4.25 euros (which means a valuation of 1,933 million), that in the first minutes of trading just over 2.6% was left. It must be remembered that the format chosen by the company for this IPO is the listing, Therefore, the first shareholders of the new company will be those who had FCC shares at the close of last Thursday.
The company issues 454.8 million new Inmocemento shares, in what is a capital increase for a total amount of 1,596 million euros (227.4 million nominal amount and 1,369 million share premium). This new listing will consist of 80% of the real estate unit of FCC and 99% of Cementos Portland Valderribas. It thus seeks to give greater visibility to both businesses and, most especially, to real estate, in which it holds 76.652% of Realia, 21.224% of Metrovacesa and 100% of Jezzine Uno.
This IPO It will be the second of the year after Puig did so on May 3 in what has been the largest IPO in Europe in 2024. Cox will do so on Thursday of this week, completing the trio of new companies on the Continuous Market. Throughout the course there have been other names, such as Europastry, that were on the exit ramp, but that have finally been put on hold.
“We are delighted to welcome Inmocemento, which after the spin-off will have the advantages of being its own listed company, such as reputation, visibility, the ability to finance itself on a recurring basis and access to national and international investors. The Stock Exchange offers listed companies a wide range of possibilities depending on their needs and future plans,” explains Javier Hernani, CEO of BME.
Board of Directors
This Thursday too The new board of directors of the spun-off company has been established, which will be made up of 11 directors, highlighting Juan Rodríguez Torres (president of Realia) as president, and Gerardo Kuri and Alicia Alcocer Koplowitz as first and second vice presidents, respectively.
Most of them repeat the same FCC directors (Pablo Colio, Carlos Slim, Esther Alcocer Koplowitz, Alejandro Aboumrad, Esther Koplowitz Romero and Álvaro Vázquez), except Carmen Alcocer and Manuel Gil Madrigal, who are FCC directors but will not be Immocemento.
Gisselle Morán and Elías Fereres join in their place, completing the 11 seats on the council. The first is general director and CEO of Real Estate Media Group and the second has been president of the Royal Academy of Engineering of Spain.
Regarding its shareholding, according to the prospectus presented to the CNMV, the main shareholder is Control Empresarial de Capitales, owned by Carlos Slim, with 69.6%, the Mexican magnate himself, with 11.92%, Melinda French with 4.25% and Esther Koplovitz with 3.22%.
Your income statements
Likewise, according to what was published in the prospectus, in 2023, the last full year, revenues reached 867 million euros, with a net operating margin of 21.3%, leading to a net operating profit of 184.87 million euros. The net financial debt, at the end of said year, was 1,180 million euros. From these figures it would come out a 10.4x profit multiplier. Likewise, they comment that, at the moment, there is no specific dividend or share buyback policy.
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