Spain Tipped for Over 20 Stock Listings This Year, SIX Group Says

(Bloomberg) — Spain could record more than 20 initial public offerings this year, as momentum builds in the country for new listings, according to market operator SIX Group AG.

The estimate includes listings on Spain’s small and medium enterprise trading venues in addition to its main market, said Bjørn Sibbern, global head of exchanges at SIX, who oversees the group’s Spanish and Swiss bourses, as well as its digital-asset exchange. 

With more than 10 listings this year so far in Spain, Sibbern said he hoped to get to more than 20, noting “there are also a couple of companies in the pipeline for the main market”.

Spain’s top bourse welcomed Puig Brands SA in the spring, Europe’s largest IPO this year so far. Bakery group Europastry SA and fashion retailer Tendam were eyeing a listing before the summer but deferred their plans amid a bout of volatility spurred by EU elections.

A spokesperson for Europastry said it continues to monitor markets to identify the best window to list but said “there is no set date in the calendar.” Tendam, backed by CVC Capital Partners Plc and PAI Partners, said in a trading update last month that it continues to evaluate a possible float.

Other candidates include Blackstone Inc.’s casino operator Cirsa Gaming Corp SA, which earlier this month said that an IPO continued to be an option, subject to market conditions.

When it comes to the Swiss bourse, Sibbern said he sees a “relatively strong pipeline” for listings over the next 12 months but declined to specify a number.

“In Switzerland it’s mainly large companies. We have not been able to attract SME listings to the same extent we have done in Spain, and that’s something we need to look at,” Sibbern said.

Coming down the pipe is Liberty Global Ltd.’s planned spin-off of its Swiss telecoms unit Sunrise, which is scheduled for the fourth quarter. Carlyle Group Inc. has appointed banks for an IPO of luxury-watch parts maker Acrotec Group next year, while General Atlantic-backed SMG Swiss Marketplace Group is working with advisers on strategic options including a possible listing, Bloomberg has reported.

Sibbern hailed the listing of EQT AB-backed skincare giant Galderma Group AG earlier in the year as testament to the strength of the Swiss stock market, with about 30% of the capital raised through the IPO coming from local investors.

The listing came after Zug-based Galderma snubbed advances from overseas exchanges, he said. “The debate we see in London with the pressure on how strong is the value proposition versus the US, we don’t see that to the same extent”, Sibbern said, adding that SIX is vying to attract foreign issuers to Zurich in addition to local businesses.

Representatives for EQT and Galderma did not immediately respond to requests for comment.

To be sure, Zurich still makes up the bulk of SIX’s equity trading despite the pipeline of Spanish IPOs.

New Asset Classes

Sibbern, a former Nasdaq Inc. executive, said he is looking at bringing new asset classes onto SIX’s trading platforms, singling out carbon removal credits as a potential addition.

Voluntary carbon credits represent carbon reductions made by remedial or preventive action, which companies can purchase to offset their emissions. These are separate from the compliance carbon market, where polluters can purchase emission allowances under governmental schemes.

“The compliance carbon market has existed for many years, but the voluntary carbon market, that’s one of the areas we’re looking at,” he said.

SIX said it is also examining the possibility of establishing a European venue for trading cryptocurrencies aimed at institutional investors, but the deliberations are at an early stage.

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