The Cox water and energy group has disclosed this Monday its plan to list on the Spanish stock exchanges through a public offering of shares aimed at qualified investors, according to the company, which just over a year ago integrated the productive businesses of Abengoa after winning an auction. The move positions Cox to leverage its expanded footprint in water concessions and energy infrastructure as a platform for strategic growth across Europe and nearby markets. This step underscores Cox’s readiness to access broader equity markets to support its ongoing development and scale in critical infrastructure sectors. (Source: Cox press release)
The group had signaled months ago that it intended to join the continuous market and was weighing several paths to reach that milestone either by late this year or in early 2025. The planning reflects a disciplined approach to becoming a listed company while preserving flexibility to optimize the structure and timing of the listing in light of market conditions and the company’s growth agenda. (Source: Company announcement)
The announced transaction will consist of a primary offering of newly issued shares designed to raise approximately 300 million euros, including the possibility of an over-allotment option to stabilize the deal. The proceeds are earmarked to fund water concessions, captive energy projects, and transmission concessions, aligning capital deployment with Cox’s strategic priorities in both water and energy value chains. (Source: Company release)
Specifically, the company expects to grant an over-allotment option of up to 15% of the offering size, a mechanism that enhances liquidity and provides a buffer to accommodate strong investor demand. The structure helps balance growth finance with market participation, ensuring the offering supports Cox’s long-term objectives. (Source: Company filing)
The offering will be made to qualified investors and will include a U.S. placement directed at institutional investors. The company anticipates seeking admission to quotation and trading on the Spanish markets, while a strategic cross-border component would widen the investor base and support global visibility for Cox’s water and energy businesses. (Source: Company release)
“This announcement marks a fundamental milestone in our growth story. Cox is already recognized globally as a benchmark in water and energy sectors that are central to the economy. This offering will enable us to continue executing our growth strategy and solidify Cox as a world leader in water infrastructure and management, as well as in the generation and transmission of renewable energy,” stated Enrique Riquelme, the group’s chief executive. (Source: Company press statement)
“We are excited to welcome new partners who share our long-term vision for Cox as a listed company and for the future we are building,” Riquelme added, signaling that the IPO is also about bringing in strategic supporters who align with the company’s values and growth path. (Source: Company press statement)
The company’s shareholding structure is led by a 77.85% stake held by Enrique Riquelme, a 17.50% stake owned by the Zardoya family, and 4.65% held by Mutualidad de Arquitectos, Arquitectos Técnicos y Químicos (HNA). This composition reflects a concentrated owner base that will be subject to lock-up agreements as part of the offering process, ensuring orderly market behavior and alignment of interests post-listing. (Source: Company filings)
Under the terms of the offering, the company, together with current shareholders other than Riquelme who invest in the deal, will commit to certain lock-up agreements from the signing date of the stabilization contract through the 180th day following listing on the Spanish exchanges. (Source: Company agreement)
Additionally, Enrique Riquelme, through Inversiones Riquelme Vives and Lusaka Investments, will agree to lock-up terms for a 365-day period, counted from the listing date on the Spanish stock markets. This arrangement reinforces a stable ownership trajectory during the initial trading phase. (Source: Company agreement)
The Cox board has also approved an extraordinary equity-based remuneration plan for certain senior executives and key employees, who will likewise enter into lock-up arrangements for a 365-day period after the issue date and the listing on the Spanish exchanges. This step aligns incentives with long-term performance and company value creation. (Source: Company resolution)
For the year 2023, Cox reported an EBITDA of 103 million euros, revenues of 581 million euros, and an adjusted operating cash flow of 37.4 million euros. In the first half of 2024, the group posted revenues of 306 million euros, up 196 million from the same period in 2023, and an EBITDA of 81 million euros, an increase of 24 million year over year. These figures illustrate the ongoing revenue growth and operational upside that the listing seeks to support with additional capital. (Source: Company results)
Banco Santander, BofA Securities and Citigroup Global Markets Europe AG act as global coordinators of the offering, while JB Capital Markets, Sociedad de Valores, and Alantra serve as coordinators of the issue. In addition, Banco BTG Pactual acts as co-director of the offering, with Latham & Watkins serving as Cox’s legal counsel and Clifford Chance acting for the managers. Lazard is named as the independent financial adviser to the offering, providing independent financial oversight during the process. (Source: Syndicate agreements)