Inmocemento, the new company with headquarters in Barcelona that brings together FCC’s real estate and cement businesses, debuted on the stock market this Tuesday with a drop of almost 10% in its share price, which represents a capitalization of 1,770 million euros.
Specifically, FCC set a starting price of 4.25 euros, but its securities closed the session at 3.830 euros, which represents a drop of 9.88%.
The company already warned in the IPO prospectus published this Tuesday at the National Securities Market Commission (CNMV) that the price set may not correspond to the market value of the shares, which may increase volatility.
According to the prospectus, the floating capital (free float) of Inmocemento is only 11%, since the owner of FCC, Carlos Slim, controls 83% of the capital; Melinda French Gates (Bill Gates’ ex-wife) another 4.25% and Esther Koplowitz, 3.2%.
Under the perimeter of Inmocemento is 80% of its real estate business (made up of its investees Realia, 76.6%; Jezzine Uno, 100%; and Metrovacesa, 21.2%) and Cementos Portland Valderrivas (which includes the companies Société of Ciments D’Enfidha, 87.8%, and Giant Cement Holding, 45%).
The sum of the valuations of its real estate assets amounted to 2,871 million euros in June, and the company’s total number of employees was 1,201, mainly in the cement area, with about 1,100 workers, while the real estate segment concentrated around to 100 workers.
No dividend policy
In the IPO document, the company also points out that no specific policy has been adopted regarding the distribution of dividends or shareholder remuneration and that it cannot guarantee that they will be distributed in the future.
On the other hand, it reports that, in September 2024, FCC had a bank loan of 200 million euros with a maturity of 12 months, extendable for an additional 6 months, to pay off the total amount of the debts that the group’s real estate area maintained until that date with FCC.
As of June 30, 2024, FCC also had provisions of 44.1 million euros to cover claims from customers, suppliers and subcontractors, as well as claims and guarantees derived from real estate activity, labor claims or litigation with third parties.
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