After several months of IPOs in dribs and drabs, last week two of them coincided on the Madrid Stock Exchange, joining the one carried out by Puig at the beginning of May. This was the case of Immediately Tuesday and Helmsman Friday, who had different luck in their first trading sessions.
Thus, if Inmocemento takes the crossCox, for the moment, reflects the confront. And last Friday’s debut was not positive. It got off to a bad start, losing up to 7% of its stock market value after ringing the bell. However, during this Monday’s session he managed to reorient the situation and, thanks to the stock market rise of more than 7%, he managed to recover almost everything he had lost.
In the case of Inmocemento, the first days as a listed company are not easy. In his case, it was an IPO via a registration and he did it with a first reference price of 4.25 euros. In the first session it already lost almost 10%, and in subsequent sessions it extended this collapse to the current 20%. The company was born from spin-off What FCC does with its real estate activities (Metrovacesa, Realia and Jezzine Uno) and its cement activity (mainly Cementos Portland Valderribas)
“We are delighted to welcome Inmocemento, who after the spin-off It will benefit from the advantages of being its own listed company, such as notoriety, visibility, the ability to finance itself on a recurring basis and access to national and international investors. The Stock Exchange offers listed companies a wide range of possibilities depending on their needs and future plans,” explains Javier Hernani, former CEO of BME.
Concerning its shareholding, according to the prospectus presented to the CNMV, the main shareholder is Control Empresarial de Capitales, owned by Carlos Slim, with 69.6%, the Mexican tycoon himself, with 11.92%, Melinda French with 4, 25% and Esther Koplowitz with 3.22%. %.
A complicated placement
This Friday, after a complicated placement process (even the first day, initially scheduled for Thursday the 14th, was delayed), Cox rang the bell. Even though the first change was slightly positive for the company (a residual increase of 0.1%), investors were quick to unwind their positions and, in the worst moments of the day, the energy company s was trading up nearly 15% per share. . below the starting price (10.23 euros, the lower part of the planned range).
In the IPO process, the company reduces its operation size by up to two times. First, it reduced the capital it hoped to raise from 200 million to 175 million euros. He then took out the over-allotment option from 15% to 10%. After these two cuts, Cox was able to close the accounts even with excessive demand. Thus, the company raised a total of 185 million euros.
The financing obtained through this OPS will be used to meet two capital needs, as indicated by the company in its IPO brochure. On the one hand, its strategic projects, which represent 42.37% of its pipeline electricity production; and, on the other hand, to the opportunities identified in the water concession and transport sector.
