After many months of IPOs in dribs and drabs, last week two of them coincided on the Madrid stock market, joining the one carried out by Puig at the beginning of May. It was the case of Immocement on Tuesday and Cox on Friday, who are having different luck in their first trading sessions.
Thus, if Inmocemento is taking the crossCox, for the moment, reflects the face. And last Friday’s debut was not positive. It got off to a bad start by losing up to 7% of its stock market value after ringing the bell. However, in this Monday’s session he managed to redirect the situation and, thanks to the stock market shooting up more than 7%, he has managed to recover almost everything he lost.
In the case of Inmocemento, the first days as a listed company are not being easy. In its case, it was an IPO through a listing and it did so with a first reference price of 4.25 euros. In the first session it already lost almost 10% and, in the following sessions, it extended this collapse to the current 20%. The firm is born from spin off What FCC does with its real estate business (Metrovacesa, Realia and Jezzine Uno) and cement business (mainly Cementos Portland Valderribas)
“We are delighted to welcome Inmocemento, which after the spin-off It 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, former CEO of BME.
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 Koplowitz with 3.22%.
A complicated placement
This Friday, after a complicated placement process (even the debut day, initially scheduled for Thursday the 14th, was delayed), Cox rang the bell. Although the first change was slightly positive for the company (a residual increase of 0.1%), investors did not take long to undo their positions and, in the worst moments of the day, the energy company was trading up close to 15% per share. below the starting price (10.23 euros, the lower part of the range provided).
In the IPO process, the company reduced the size of its operation up to two times. First, it reduced the capital it hoped to raise from 200 million to 175 million euros. Then, he contracted the over-allotment option from 15% to 10%. After these two cuts, Cox was able to close the books even with overdemand. Thus, the company has raised a total of 185 million euros.
The financing obtained through this OPS will be used for two capital needs, as indicated by the company in its IPO brochure. On the one hand, its strategic projects, which are equivalent to 42.37% of its pipeline power generation; and, on the other hand, to the opportunities identified in the water concession and transmission business.
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