Spain May See Five More IPOs in 2014 With Market at High
Five companies are close to winning approval for initial public offerings in Spain, helped by a stock market that climbed to its highest level in three years, according to the country’s financial regulator.
The five are in advanced stages of review, according to Elvira Rodriguez, chairwoman of the agency known as the CNMV. Her remarks in Congress yesterday were confirmed today by one of her press officers. Rodriguez didn’t identify the companies.
The additional IPOs would make this year Spain’s busiest since 2010 for the number of companies listing their shares, data compiled by Bloomberg show. Three of the four deals in 2014 have made money for initial investors. Lar Espana Real Estate Socimi SA (LRE) has declined 0.9 percent.
Investor optimism in the stock market coincides with Spain’s emergence from three consecutive years of economic contraction. Recent data points to a possible end to the property collapse that triggered the worst recession in the country’s democratic history. The government’s statistics office said yesterday that approvals for home loans rose in March for the first time in almost four years.
The other companies to have gone public this year are Applus Services SA (APPS), eDreams Odigeo SL and Hispania Activos Inmobiliarios SA. Applus, an inspections company that counts utilities and oil-and-gas producers among its customers, has rallied 11 percent from its IPO price of 14.50 euros.
The benchmark IBEX 35 Index of Spain’s biggest stocks has gained 8.1 percent this year, led by Acciona SA, an operator of renewable-power plants, and Jazztel Plc (JAZ), a wireless and broadband carrier. The Spanish stocks gauge jumped 21 percent in 2013 after three straight years of losses. The Euro Stoxx 50 Index climbed 18 percent last year.
Expansion newspaper reported Rodriguez’s remarks earlier. It mentioned airports operator Aena Aeropuertos SA as a candidate for an IPO.
To contact the editors responsible for this story: Timothy Coulter at email@example.com Cecile Vannucci, Will Hadfield