This Thursday marks the first month as a listed Inmocemento. The FCC subsidiary went public on November 12 and did so with a reference price of 4.25 euros. Perhaps it was premonitory that they did not celebrate that day with the traditional ringing of the bell, because a few minutes after going public They already lost about 10% of its value.
The evolution of the shares of the company that includes the spin off What FCC does with its real estate business (Metrovacesa, Realia and Jezzine Uno) and cement (mainly Cementos Portland Valderribas) is not what was expected after the listing and, since then, more than 23% have been left.
The operation they announced two weeks ago, consisting of the sale of the Giant cement company for 190 million euros (137 million in capital gains) to Heidelberg Materials North America and that values the company at around 568 million euros, as indicated at the end of November through the CNMV.
In the case of the cement area, the 99% of Cementos Portland Valderrivas that is part of Inmocemento includes the 87.8% stake in the Tunisian Société de Ciments d’Enfidha and the 45% in the American Giant Cement Holding, the latter object of sale.
Cox will have to wait until Saturday to be able to celebrate its first month appearing on the stock market screens. In this case, although the balance is also negative, the bleeding is much smaller and Their titles lose a little less than 5%. The water and energy services company had a difficult debut. The placement process got stuck and the ringing of the bell was delayed and before going public the company had to reduce the size of its operation on two occasions, finally raising 185 million of the 200 million initially planned.
25% liquidity target
In an interview given to this medium at the end of November, the executive president of Cox, Enrique Riquelme, confirmed that the liquidity objective was 25%, “to capture the interest of global and institutional funds and groups.” “Today we are in natural liquidity and everyone is waiting for the guide we give to the market that shows where we are going from Christmas, while in January we will give the results of the closing of this first year,” he added.
The first shareholder holds 65% of the capital of the company, something that detracts from the liquidity of the stock on the stock market. “I’m not going to sell but if we grow a lot and I have to dilute I will do it without a problem,” he confirmed in the interview. “After making the entire journey through the desert, now that a new stage begins, I am not going to sell,” he added.
In both cases, this poor evolution in the first month contrasts with the debut of Puig, the other company that has jumped into the market throughout this year. In its case, during its first month as listed, its shares rose more than 7%. However, the rest of the year has not been easy and more than 20% is left from the ringing of the bell. The last obstacle was last week after having to withdraw some batches of products with quality problems.
What does differ between Puig and these two, in addition to the size itself that has taken the first to the Ibex and leaves the latter two, for the moment, in the Continuous Market, is the follow-up that it has on the part of the analysts. While the luxury company has a follow-up of up to 16 analysis houses (of which 15 recommend buying its shares), Inmocemento and Cox they still don’t have coverage any, which makes it difficult to issue assessments as there is no fundamental analysis published yet.
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