Inmocemento, the second IPO of the year
Stock market exits restarted in 2024, though cautiously. After a 2023 without any listings on the continuous market, the past twelve months saw three companies decide to list in that segment. Yet on BME Growth and BME Scaleup, up to 21 companies have begun trading, most of them real estate investment trusts known as socimis. Puig led one of the major IPOs in May and joined the Ibex 35 by July, but since listing the share price has fallen as much as 27 percent from the 24.50 euro issue price. Inmocemento debuted last November on the continuous market and has slid about 6.5 percent from its initial price. The Alicante based Cox has also slipped nearly 2 percent since its November 15 debut, with the year drawing to a close.
Market observers say the Spain IPOs in 2024 did not perform well. Neither Inmocemento nor Puig closed in positive territory, and the broader context was not favorable for large equity listings while many benchmarks traded near all time highs. Analysts note that the moment was not ideal for stepping into the market with valuations stretched by other benchmarks.
Puig marked the restart of large offerings in the Spanish market. It stands as the 13th IPO by funding raised in the last fifty years, securing nearly 3 billion euros after placing 22 percent of its capital with new investors. In its first six months of trading, the stock had already become part of the Ibex 35 and accounted for around 0.67 percent of the total stock trading on BME during the year.
Backers argued that the growth shown in Puig’s early results was weaker than expected, and the market feared a slowdown, even in the fragrance segment which historically remains steadier than other luxury lines. Yet Puig remains in a position to surprise and is seen as trading at multiples that could look attractive in 2025, according to analysts.
Inmocemento, the second IPO of the year. The second IPO took place on November 12 and was led by Inmocemento, a spin-off from FCC that bundles the group assets in real estate and cement. The issue price stood at 4.25 euros per share, valuing the company at about 1.93 billion euros. Today the stock trades near 3 euros.
The Alicante based Cox was the third and final debut on the continuous market of the year on November 15. The shares began at an issue price of 10.23 euros, the lower end of the range. Currently they trade around 9.4 euros, implying a decline of about 9 percent.
The landscape shifts when focusing on BME Growth and BME Scale, markets designed to support small and medium sized enterprises. In this segment this year up to 21 firms have taken the plunge, most of them socimis. Names such as Tutécho, EV Motors and the Murcia based NZI Helments stand out as highlights. North American investors curious about growth opportunities will find these markets present higher risk but also potential upside, given the exposure to concrete real estate and growth driven businesses.