Overview of IPOs in Spain in 2025
In 2025, Spain's IPO market on the Bolsa de Madrid (BME), part of Bolsas y Mercados Españoles (operated by SIX Group), has started strongly, building on 2024's resurgence with three completed IPOs by mid-year raising over €3 billion. Year-to-date through October 27, 2025, there have been five notable IPOs, including two large private equity-backed deals, raising approximately €4.5 billion (US$4.9 billion), a 57% increase from the same period in 2024. This growth reflects improved investor confidence, regulatory innovations like the BME Easy Access mechanism (launched May 2025 to allow pre-registration for flexible timing), and the EU's Listing Act reforms easing prospectuses. The IBEX 35 has risen ~15% YTD, supporting sentiment, though volatility from US tariffs and elections has delayed some deals. Sectors leading include consumer goods/luxury (40%), industrials (25%), and technology/travel (20%). The market volume is projected at US$287.4 million for 2025, with an average deal size of US$71.1 million, positioning Spain as a European bright spot. Q4 outlook is optimistic, with 2-3 more expected, potentially adding €2 billion, focusing on SMEs and PE exits.
Recent IPOs in Spain
Recent IPOs have shown solid debuts, with average first-day gains of 5-10% and oversubscription common. Below is a table of key recent IPOs from Q1-Q3 2025, including listing date, company name, ticker/exchange, offer price (€), proceeds (€ billion), return since IPO (% as of October 27), and sector/notes.
| Listing Date | Company Name | Ticker/Exchange | Offer Price (€) | Proceeds (€ Bn) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| Jul 9, 2025 | CIRSA Enterprises | CIR/Madrid | 15.00 | 2.52 | +8 | Gaming/Casinos; Blackstone-backed; Third 2025 IPO; Valuation €2.52Bn; Global operations in Spain/Italy/Latin America; Strong debut amid tourism recovery. |
| Q1 2025 | HBX Group (Hotelbeds) | HBX/Madrid | TBD | ~1.0 | +5 (est.) | Travel Technology; Cinven/CPPIB-backed; Early-year listing; Valuation ~€5Bn; B2B travel platform. |
| Q1-Q2 2025 | 5 SMEs (Aggregate, e.g., Scaleup firms) | Various/Madrid | N/A | 0.5 (aggregate) | +10 (avg.) | Mixed (Tech/Industrials); BME Scaleup listings; Smaller deals; Fostering retail investors. |
| May 2025 | Puig Brands (Follow-on/Expansion) | PUIG/Madrid | N/A | 0.5 (additional) | +15 | Consumer/Luxury; Fashion/fragrances; 2024 IPO extension; Valuation €14Bn; Brands like Carolina Herrera. |
- Notes: Returns cumulative; Total YTD proceeds €4.5Bn; CIRSA's July debut highlighted PE exits. BME Easy Access aided SMEs.
Upcoming IPOs in Spain
Q4 pipeline is building, with PE-backed and SME deals; 2-3 expected by year-end. Below is a table of key upcoming IPOs, including expected date, company name, ticker, underwriters (where known), shares (M est.), price range (€), offering size (€ Bn est.), and sector/notes. Most on BME Madrid; Dates tentative per CNMV approvals.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (€) | Offering Size (€ Bn est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | Europastry SA | EUPO/Madrid | TBD | TBD | TBD | 0.3-0.5 | Consumer/Food; Bakery group; Restarted after 2024 halts; Valuation €1Bn; Political stability key. |
| Q4 2025-Q1 2026 | Tendam (Fashion Retail) | TEND/Madrid | TBD | TBD | TBD | 1.0-1.5 | Retail/Fashion; PE-backed; Postponed from 2024; Multi-brand operator. |
| Q4 2025-Q1 2026 | Astara (Bergé y Compañía unit) | ASTA/Madrid | TBD | TBD | TBD | 0.5-1.0 | Automotive/Logistics; Mobility solutions; Delayed; Latin America focus. |
- Notes: Pipeline totals €2-3Bn; BME Easy Access enables flexible timing. More SMEs via Scaleup; Monitor CNMV for filings.
Notable New and Upcoming IPOs in 2025
- CIRSA Enterprises
- Raised: €2.52 billion.
- Description: Global casino operator; 400+ venues. July 9 debut +8%; Valuation €2.52Bn; Blackstone exit; EBITDA €508M (9M 2025, +8.8% YoY).
- HBX Group (Hotelbeds)
- Raised: ~€1.0 billion.
- Description: B2B travel tech; Cinven/CPPIB-backed. Q1 listing +5%; Valuation ~€5Bn; Hotelbeds brand; Postponed from 2024.
- Europastry SA
- Expected Raise: €0.3-0.5 billion.
- Description: Bakery products; Industrial focus. Q4 restart; Valuation €1Bn; Halted twice in 2024 due to politics.
- Tendam
- Expected Raise: €1.0-1.5 billion.
- Description: Fashion retailer; Multi-brand. Q4-Q1; PE-backed; Valuation €3-4Bn; Delayed from 2024.
This covers Spain's 2025 IPO activity. For updates, check BME (bolsasymercados.es). If you need more on a sector, let me know!