Shares of phone-tower operator Cellnex Telecom SAU jumped as much as 12 percent in their trading debut in Madrid as investors bet on rising demand for infrastructure enabling wireless calling and Web browsing.
The stock rose as high as 15.70 euros from the offering price of 14 euros and advanced 7.7 percent to 15.08 euros at 11:20 a.m. in Madrid, valuing the company at 3.5 billion euros ($4 billion).
Toll-road company Abertis Infraestructuras is selling a stake of as much as 66 percent in Cellnex, including an over-allotment option. Improving investor appetite for Spanish equity has made the country the second most-active IPO market in Europe this year, according to data compiled by Bloomberg.
Four IPOs took place in Spain this year before Cellnex, led by airport operator AENA SA’s 4.8 billion-euro offering. Last year, Spanish companies raised $6.5 billion in IPOs.
Telecom Italia SpA is planning an IPO of its Italian towers. Barcelona-based Abertis operates towers in Spain and Italy.