Hotelbeds owner HBX’s €750 million Spain IPO sells out in hours

Spanish firm HBX Group International Plc received enough demand from investors for all the shares in its initial public offering within hours after subscriptions opened, indicating appetite for Europe’s biggest listing of the year so far. 

The offering seeks to raise as much as €750 million ($778 million) for the travel technology firm and shareholders. Books were covered through the price range of €10.50 to €12.50 apiece within three hours of orders opening on Friday morning, according to a bookrunner message seen by Bloomberg. 

The Spanish company is offering as many as 69 million shares as it aims to raise €725 million in new equity, while backers Canada Pension Plan Investment Board, Cinven and EQT put forward a further two million shares. Investor demand has also covered an additional roughly €112 million that the shareholders could raise via an overallotment option, according to the terms. 

The IPO could give the company an implied market capitalization of more than €3 billion, while trading is expected to begin on Spanish stock exchanges under the ticker “HBX” on February 13, according to the terms. 

HBX’s listing is serving as an early indicator of whether European IPO activity can build on last year’s volumes that topped $20 billion. The Spanish market is also looking for fresh momentum after candidates such as Europastry SA called off their listing plans and Puig Brands SA’s shares fizzled following an IPO of nearly $3 billion in 2024.

Elsewhere in Europe, buyout firm Mid Europe Partners is raising $419 million in an IPO of Polish laboratory operator Diagnostyka SA, while luxury logistics company Ferrari Group Plc is planning a first-time share sale in Amsterdam.

Cinven and Canada Pension Plan Investment Board acquired HBX — then known as Hotelbeds — in 2016 from travel group TUI AG for about €1.2 billion. Hotelbeds is a wholesale platform connecting hotels with travel agencies, airlines and tour operators. HBX Group’s other brands include Bedsonline and Roiback. 

The offering is being led by Bank of America Corp., Citigroup Inc. and Morgan Stanley, the company said. Evercore Inc. is acting as financial adviser.