A late Tuesday move saw Europastry cancel its planned IPO on the Barcelona Stock Exchange’s continuous market, scheduled for Thursday, October 10. Next week, a new chapter will begin on BME Growth with EV Motors, a company that remained relatively unknown for months but signed a landmark agreement in April with the Chinese automaker Chery. The pact aims to revive the Ebro brand of industrial vehicles after four decades in limbo.
Europastry posted revenue of 1.346 billion euros and a profit of 69 million euros in 2023. This year it is on track to approach 1.45 billion euros in sales. Analysts expect sustainable annual growth of up to 10 percent in the coming years, driven by rising demand for frozen bread and pastries. The company seeks to reduce the share of its Spain-based business to about 45 percent. Its client portfolio includes Manolo Bakes, Costco, Santagloria, Vicio, Continente and Whole Foods. A valuation near 1.448 billion euros is anticipated, with a workforce of about 5,334 employees. The free float on the market is expected to hover between 20 and 25 percent of its shares.
EV Motors projects revenue of 36 million euros and a loss of 29 million for the current year. Its target for 2029 is revenue of 1.918 billion euros and earnings of 250 million. As of December 31, 2023, debt stood at 102 million and EBITDA was negative 11.1. The company stresses that its future capacity, an ambitious project, anticipates rapid growth in a business that is both dynamic and highly risky. Today a third of the business depends on two customers, Koenigsegg and Toyota.
The success of EV Motors hinges on selling its Ebro van and pickup project, the revived industrial vehicle brand that has returned after 40 years in limbo. To pursue this, through several capital increases totaling 12.9 million euros (8.2 million in 2023 and 4.7 million in 2024) and with public support, the group bought the land and industrial capacity of Nissan in the Zona Franca of Barcelona, aiming for a potential production of 200,000 vehicles per year. It also forged an alliance with the Chinese company Chery, a collaboration highlighted by the presence of Spain’s prime minister, and signaled Chery sees EV as its gateway into the European market.
EV Motors, chaired by Rafael Ruiz with Daniel Asensio as a key shareholder and Pedro Calef, the CEO of Ebro, presents itself as Spain’s answer to a market hungry for environmentally friendly solutions. It expects a valuation of 328 million euros in its IPO, with a free float of 25 percent.
Europastry and EV/Ebro aim to energize a market that has seen Puig lead the story in 2024. Since its May 3 listing, Puig’s stock has dropped about 18 percent, valuing the company around 11.34 billion euros. Other potential listings have also been discussed. The Cox group, active in services, construction, and energy and led by Enrique Riquelme, has signaled plans to launch an IPO of its parent in the current quarter, with a valuation near 1.2 billion euros. Cox Energía, already trading with a value of about 275 million, would remain a subsidiary.
What will determine the arrival of more listings? The Ibex 35 has risen roughly 16 percent this year, supported by a generally favorable economic tone. Yet several names have delayed, including Tendam, Volotea and Hotelbeds HBX, along with Cirsa, the global gaming and casino operator controlled by Blackstone. At a Prensa Ibérica-organized event in Sant Fruitós de Bages, near Barcelona, president Joaquim Agut underscored that a public listing remains on the table for 2025, but the timing will hinge on geopolitical developments and market conditions. Caution has tempered the appetite for risk, and many investors await clearer signals on stability and demand.