2024 is going to become the year of recovery of IPOs in Spain after a drought that has lasted for five years, with few exceptions. The market expects around twelve operations for the coming months, of which half are already actively working with advisors and placement banks to carry out their plans.. The most advanced are, without a doubt, the Catalan company Puig, which aspires to a valuation between 7,000 and 10,000 million euros, followed by Hotelbeds, owned by several investment funds, which aspires to capitalize close to 4,000 million euros and Astara Mobility (owned by the Bergé logistics group) which would be around 2,000 million in the market, according to first valuations.
Financial sources consulted by EL MUNDO say they feel “confident that this year will be different” after the rapid rise in interest rates has thwarted many attempts to debut on the stock market and claim to expect at least half a dozen major stock market debuts. for this year. The most important outlet of the year and also the most advanced is that of the Puig family business, specialized in the sale of high-end perfumes, makeup and dermocosmetics.. Its stock market debut is expected in the months of April and May – it is the first window of opportunity that the stock markets traditionally open together with the October/November window – and it would be seeking to place between 25% and 35% in the market, which implies that it needs to raise capital for close to 2.5 billion euros, at least, among investors. The appetite exists, according to knowledgeable sources, due to the unique profile of this company.
In his hands is the marketing of brands such as Carolina Herrera and Paco Rabanne, within the top 10 best-selling fragrances worldwide.. Founded in 1914, the Catalan company has been growing, largely thanks to acquisitions within the most exclusive fine perfumery and fashion.. In 1995 they took over the fashion division of Carolina Herrera New York (they already marketed her perfume), in 1998 they acquired Nina Ricci; In 2000 they expanded their range of perfumes thanks to the purchase of the Spanish group Myrurgia (with brands such as Adolfo Domínguez or Agatha Ruiz de la Prada); and in 2011 they acquired 45% of Jean Paul Gaultier that was in the hands of Hermès, among other agreements and collaborations.
Puig's objective is to achieve a turnover of 4,500 million euros in 2025, which means growing 8% in the coming years compared to the latest results that are known, which are those of 2022, when its profit was 400 million euros.. Puig sells its products in more than 150 countries and has its own offices in 30 of them.. One of the keys to the sector are profit margins, increasingly tight due to the impact of online. In the case of the Catalan firm these stood at 17.6%, very in line with Inditex, after achieving that 25% of its sales are made through the Internet.
Hotelbeds is on the exit ramp to the market after its proprietary funds, Cinven, EQT (owner of Parques Reunidos) and Canadian Pension Plan Investment (CCPI), have decided that the best possible way to make their investments profitable is the Spanish stock market and not private capital. Sources close to the negotiations assure that the operation, initially proposed with two options on the table, has opted to seek investors to shape a stock market debut in which up to 100% of the capital can be placed.. If this is so, it would be the largest placement operation since Cellnex's capital increase for 7,000 million in 2021. And in terms of IPOs it would be the most important since Aena, which debuted in 2015.
The Mallorcan company has been passing from one hands to another for two decades, through a pandemic, which has not prevented it from growing.. At the beginning of the century it was part of Viajes Barceló, which it bought First Choice, which in turn was absorbed by the German operator TUI and which got rid of the Spanish company in 2016 to give it to the Cinven fund and CPPI for 1,165 million euros.. Eight years later, they are seeking to triple their investment with the listing of this business-to-business business that consists of buying hotel bed reservations and selling them to different tour operators.
The third stock market debut expected before the summer is that of Astara Mobility, which would already be in talks with both the regulator and the manager of the Spanish stock exchange (BME) to make the leap.. It aspires to a valuation close to 2,000 million euros and would already be working with different law firms for the placement and reducing the percentage of the founding partners – the Gorbeña, Enciso and Bergé families – who, in no case, want to give up its majority share. However, financial sources assure that “the company's intentions may clash with market reality” since there may not be sufficient demand taking into account the sector to which they belong.. “The investor looks for the best of the best, clear success stories to invest in” and in this they do see notable differences with the story behind Puig, about whom no one doubts the success of his placement.
The other pending releases
The new outlook for interest rates, on the way to stabilization after the decreases planned for this year in both the Eurozone and the US, have cleared the way for IPOs in which valuations once again have visibility, since the cost of Financing affects analysts' calculations when forecasting cash flow and income growth. Other large companies are also on the exit ramp that could raise the volume of money placed on the stock market this year to above 4,000 or 4,500 million euros..
A giant on the horizon is Cirsa, a company in the gaming sector that has a turnover of 1.7 billion euros.. It is in the hands of another investment fund Blackstone and aspires to a capitalization close to 3,000 million euros. After six years of investment, private capital would be looking for a way out, although the problem could be the sector to which it belongs. Something unpopular and where there are already other listed comparables, in addition to the size that the company has been acquiring, relevant compared to the capitalization of listed companies in Spain.
Within the fashion sector, a candidate that has been rumored for years with its stock market debut is Tendam, owner of Cortefiel among a dozen other brands, which would aspire to a capitalization close to 2,000 million euros and could make the decision to start trading in the second part of the year. At the end of last year it had a total of 1,163 stores internationally, most of them in Spain with 787 and it also has a significant number of franchises, with 566 establishments.. It has an online presence in 50 markets, and EBITDA margins of 30%. To supply the thousand establishments, it has five logistics centers, two of which are in Madrid (Aranjuez and Tarancón) and another three distributed in Russia, Hong Kong and Mexico to cover each geographical area.. Internet sales represent 18% of sales, far from other Spanish giants such as Inditex, where they already account for a quarter of the total..
In 2017 two venture capital funds, CVC and PAI Partners, acquired 100% of the company. In 2019 they acquired the firm Hoss Intropia. They are owners of other recognized chains such as Pedro del Hierro, Springfield or Women's Secret.
For its part, Restaurant Brands Iberia also wants to emulate its Canadian older brother, which has a capitalization of 49 billion dollars, and go on the market, although the plans are delayed and it is not expected to occur in the short term.. He is the owner of the Tim Hortos, Burguer King and Popeye's franchises.. It would contribute close to 2,000 million euros of capitalization to the Spanish stock market..
And what about Cosentino's IPO? Everything indicated that it would be before the summer of 2023 when the Silestone manufacturer took the final step to jump into the market, but the scandal unleashed by those affected by silicosis canceled its plans at the beginning of last year.. Financial sources acknowledge that the operation, for the moment, would not be underway, although it is not ruled out either.. It is expected for 2025 and the latest valuations pointed to a capitalization close to 2,500 million euros.