(Reuters) – Train manufacturer Talgo and telecoms towers business Cellnex on Thursday released details for May stock market listings, the latest Spanish companies rushing to take advantage of favorable market conditions for initial public offerings.
Spain ranked second worldwide in value of IPOs in the first quarter of this year, second only to China, an EY survey showed.
Spanish airports group Aena listed in February in Europe’s largest IPO since commodities giant Glencore.
The country is emerging from a six-year economic downturn to become one of the fastest growing economies in the euro zone. Many companies such as diet products retailer Naturhouse, which priced its IPO on Wednesday, are pushing through flotations delayed due to less favourable market conditions last year.
Shareholders of Talgo, a Madrid-based train manufacturer founded in 1942, aim to raise up to 708 million euros ($765 million) in its IPO, the prospectus said.
The initial price range for Talgo, which was awarded a tender to provide six high-speed trains for Saudi Arabia’s railway operator in March, is between 9 and 11.5 euros per share, valuing the company at up to 1.6 billion euros.
Talgo will list 45 percent of its capital plus an additional 10 percent over-allotment option, according to its prospectus. Santander, JPMorgan and Nomura will act as joint global co-ordinators of the operation.
The prospectus for the telecom towers business of cash-rich toll road operator Abertis valued Cellnex at up to 3.2 billion euros with an initial price range of between 12 and 14 euros per share.
The operation could raise up to 2 billion euros through the sale of up to 60.5 percent of the capital, including an over-allotment option, as part of a plan to allow Abertis to expand its toll roads business and return cash to shareholders.
Morgan Stanley, Goldman Sachs and Caixabank will act as global co-ordinators of the Cellnex IPO.
Both operations will set their final prices on May 5 with a May 7 start of trade of the new shares for both companies.