This week is being atypical in the Spanish stock market. Several stock market debuts coincide. This Friday, Cox is scheduled to begin trading, which would make two companies that make the jump to the stock market after the departure of Inmocemento last Tuesday. These two premieres add to the one Puig starred in at the beginning of May and will make 2024 the first year since 2017 in which in Spain there will be more IPOs than delistings. In other words, more companies will arrive than leave for the first time in seven years.
This 2024 there will be new listings, but also others that will cease to be listed. One company (Opdenergy) has already been withdrawn from the stock market and another (Applus) received the regulator’s approval a few days ago regarding the exclusion takeover bid launched for 100% of the capital. Thus, the year could end with two fewer firms in the Main Market.
These movements would leave a positive balance for the Spanish stock market this year, symbolically breaking a streak that has raised all the alarms in the industry. The lack of IPOs worries not only to the market operator (BME, now owned by the Swiss group SIX), but also to the stock market supervisor (the National Securities Market Commission, CNMV) and to the entire industry that urgently encourages financing through the capital market. Recovering activity is an important challenge for the coming years, in which there will continue to be exclusions. This is what BME expressed in a White Paper that was presented in 2024 in which it proposed 56 possible solutions to prevent the Spanish market from not competing on equal terms with Europe. It is true that this is a problem that is also occurring in other European countries, and the ultimate challenge is even more significant, since it involves addressing the competition from the United States and the fact that some firms prefer to list there.
The protagonists
The three companies launching in 2024 are a small breath of fresh air (all without including the smaller value operations in BME Growth). Cox will take advantage of the final stretch of the year this Friday to ring the bell on the floor of the Madrid Stock Exchange. The energy infrastructure and water treatment group has delayed its debut by one day and has been forced to cut the initial offer and begin its stock market at the lowest expected price, with a capitalization that slightly exceeds 800 million euros.
Immocement It was brought forward this week, culminating its placement with the stock market debut last Tuesday. The signature, the spin-off of the real estate and cement business of the construction company FCC, began trading with a capitalization of 1,933 million euros after carrying out a listing (without launching any IPO or capital increase). Since then, Its shares fell more than 18%.
But if there is a company that has restored hope in the Spanish market, it has been Puig. The perfume company specialized in premium beauty Not only did it become the largest IPO seen in Spain since 2015, but it is also to date the biggest debut in all of Europe. Its large size and liquidity allowed it to access the Ibex 35 just two months after its debut. Today it occupies the 17th position in the index by capitalization, despite the fact that its shares have fallen 21% from the offer price.
They have not reached a good port
The year, however, could have been much more intense in terms of this type of operations. There were more candidates on the calendar. Companies that have been working to go public and that have finally delayed or canceled the listing sine die. Europastryfor example, had everything almost ready to debut on October 10. However, the manufacturer of frozen bakery products was unable to close the operation and canceled it for the second time despite reducing the initial size of the offer, justifying the cancellation “in view of the international geopolitical situation, which is producing profound instability.” in the markets”, although he indicated that he will continue “evaluating the possibility of going public when the market situation allows it.”
Months before, in April, Bergé, investment holding company of Astaraalso alluded to the “market conditions” to abort the mobility company’s IPO after having recruited different banks for the operation.
And we must not forget one of the most anticipated companies on the Spanish stock market for a long time due to its size. Tendam The group that owns brands such as Pedro del Hierro, Springfield or Women’Secret, announced in June that it was halting its debut without officially presenting its intention to do so (through what is known as ITF). This document was already ready to be published, as well as the placement banks – BNP Paribas, Citi and JP Morgan – signed. But the firm decided to postpone the operation until after the summer. However, Jaume Miquel, president of Tendam, assured in the IV Retail and Mass Consumption Forum organized by elEconomista.es that, although the company is prepared to go public, it will not do so until market conditions are optimal. “For new companies there is a lot of uncertainty, with rates that have not yet fallen enough and with a debt market that remains attractive. American capital is more reluctant to invest, plus the geopolitical situation and the elections in the United States” , he argued.
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