HBX Group debuts on Spanish stock market with €3B valuation
Deal News | Feb 13, 2025 | Iberian Lawyer
HBX Group has successfully launched its Initial Public Offering (IPO) on the Spanish stock exchanges, marking the first listing of a British company in Spain since Brexit and the largest IPO in Europe this year. Valued at approximately €3 billion, the listing highlights HBX Group's prominence in the travel technology sector. The transaction involved an initial offer and subscription for shares totalling €748 million, controlled by major shareholders such as CPPIB and funds managed by Cinven and EQT Group, alongside an over-allotment option of up to €112 million. The offer price was set at €11.50 per share, giving HBX Group an initial market capitalization of approximately €2.84 billion. Freshfields and Uría Menéndez served as advisors to HBX Group and the global coordinators of the offering, respectively. This landmark IPO is notable for not only being the first British issuer listing in Spain since 2016 but also as the largest public offering in Europe for the year.
Sectors
- Travel Technology
- Financial Services
Geography
- Spain – The article focuses on HBX Group's IPO on Spanish stock exchanges, marking a significant event in Spain's financial markets.
- United Kingdom – HBX Group is a British company, marking a notable entrance into the Spanish market post-Brexit.
- Europe – The IPO is recognized as the largest in Europe this year, impacting the broader European financial landscape.
Industry
- Travel Technology – HBX Group is positioned as a significant player in the travel technology sector, which is integral to the travel and tourism industry with a focus on innovative technological solutions to enhance travel experiences.
- Financial Services – The initial public offering (IPO) of HBX Group involved major financial institutions and advisors, reflecting the vital role of finance in facilitating large-scale capital market transactions.
Financials
- 3000000000 – The valuation of HBX Group's IPO transaction.
- 748000000 – The initial amount raised from HBX Group's IPO shares offering.
- 112000000 – Additional over-allotment option amount available from major shareholders.
- 11.50 – The offer price per share for HBX Group's IPO.
- 2840000000 – The initial market capitalization of HBX Group post-IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HBX Group | Target company | Company | A British company in the travel technology sector that has gone public on the Spanish stock exchanges. |
| CPPIB | Major Shareholder | Company | One of the major shareholders involved in the IPO transaction of HBX Group. |
| Cinven | Major Shareholder | Company | Funds managed by or advised by Cinven were involved as major shareholders in the IPO. |
| EQT Group | Major Shareholder | Company | Funds managed by or advised by EQT Group were involved as major shareholders in the IPO. |
| Freshfields | Legal Advisor to HBX Group | Company | A law firm that advised HBX Group in the IPO process. |
| Uría Menéndez | Legal Advisor to Global Coordinators | Company | A law firm that advised the global coordinators Morgan Stanley Europe, Bank of America Securities Europe, and Citigroup Global Capital Markets. |
| Morgan Stanley Europe | Global Coordinator | Company | A financial institution that acted as a global coordinator for the IPO. |
| Bank of America - Securities Europe | Global Coordinator | Company | A financial institution that acted as a global coordinator for the IPO. |
| Citigroup Global Capital Markets | Global Coordinator | Company | A financial institution that acted as a global coordinator for the IPO. |