(Bloomberg) -- Cox Abg Group SA expects to price its initial public offering next month, as it awaits approval from the Spanish securities regulator to launch the share sale, according to people familiar with the matter.
The water and energy group’s listing prospectus is expected to be finalized by early November, the people said, declining to be named because the discussions are private. There is no set date for the start of the formal book-building process, but the IPO is likely to be priced after the outcome of the upcoming US presidential election is known, they added.
Meanwhile, the company continues to have discussions with investors before formally opening the books for the IPO, the people said. The company could fetch a market capitalization of around €1 billion ($1.1 billion) through the share sale, the people said. The plans, including the time frame for the deal, are subject to change, they added.
Cox unveiled plans earlier this month to list on the Spanish stock exchange, with a view to raising fresh equity.
Last week, the company said it had secured commitments from strategic investors to take up about 30% of the offering, which could raise up to €270 million ($291 million). The investors include Dubai-based energy firm AMEA Power, Spanish industrial group Corporación Cunext and Morocco’s Attijariwafa Bank.
Should it succeed, Cox’s listing would be a shot in the arm for the Spanish IPO market after Barcelona-based baker Europastry SA recently halted its listing plans for a second time this year.
Despite hosting Puig Brands SA’s IPO, Europe’s largest of 2024 so far, Spain has seen several local companies put listing ambitions on ice.
In April, Spanish car and auto-parts logistics company Bergé y Compañía scrapped plans to list its Astara unit citing market conditions. Fashion retailer Tendam also deferred its plans to go public in June as a bout of volatility rocked markets, Bloomberg reported at the time.
Cox, which operates concessions in water and energy, reported a 178% jump in revenues in the first six months of the year from a year earlier, while Ebitda grew 42%, according to an earlier statement. The company has said it will put proceeds from the share sale toward new concessions and energy projects.
IFR reported Cox’s IPO timing earlier on Wednesday.
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