Article 11 Feb 2020

Go Public? A guide for bold companies

Drought. This is the word that best defines 2019 in terms of stock market listings. In the year just ended, no company managed to make its debut on the Spanish capital market, at least as regards the Continuous Market. The only exceptions to the general lull were Holaluz on the Alternative Stock Market (MAB) and Grenergy Renovables migrating from the MAB to the Continuous Market.

To find a similar situation, we must look back to 2013, when the total amount was zero and the only two transactions that took place that year did not bring in any new money to the debutant companies.

The question now is whether the reticence regarding IPOs is temporary or will it also be with us in 2020. Right now, the only confirmed launch is Línea Directa but it will do so through a listing and therefore bypasses the need to sell the company to investors. We will have to see if other candidates the market has been talking about (Ibercaja, Wizink, Mediapro, Europastry, Soltec, Vips …) decide to take the plunge. Of course, if they finally do, in recent months lessons have been learnt that they should take into account if they want a successful operations.

In “Going Public? Guide for bold companies” you will find an analysis of this situation, the main trends in the capital markets and the keys to managing communication well and supporting a successful IPO in the current context

Jorge López Zafra
Senior Director of the Corporate & Financial Communications area
Jorge has over 20 years’ experience in corporate communication. He is an expert in Strategic Planning, transactions (M&A), and capital markets and leads the LLYC Corporate Communication and Financial Department. He advises on communication strategies in a wide variety of mergers and acquisitions, IPO and secondary shares, restructuring, shareholder activism, litigation and national and international crisis situations.Before coming to LLYC he worked for Iberdrola for eight years, where he participated actively in strategy development and corporate communication project coordination (IPO, M&A, Integrations, JGA, other corporate business.) He has also held different positions in the company, as Director of Strategic Communication, Digital Communication, and Brand and Reputation Intelligence. He has previously held a leadership role at Llorente & Cuenca in advising on M&A transactions (such as acquisition offers of Gas Natural in Endese and Enel and Acciona in Endesa), flotations, and other corporate accounts.
Luis Guerricagoitia
Senior Director of Financial Communications
Prior to joining LLYC, Luis worked as Head of External Communications for ING in Spain and Portugal. Previously, he was a member of the Communications Department of the National Securities Market Commission (CNMV) and worked as a journalist for the Cinco Días newspaper. During his career, he has advised different financial institutions such as Unicaja Banco, Caixabank, Abanca or Barclays. He holds a degree in Business Administration and Management from the University of Deusto and a Master's Degree in Journalism from the Escuela El País - UAM.
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