The Spanish subsidiary of the Romanian telecommunications group sets the initial price at €5.60 per share and will raise up to €330 million. The CNMV has already approved the offer brochure.
Digi Spain Telecom, the Spanish subsidiary of the Digi Group, has set July 16 as the date for its stock market debut. The company has established a price of €5.60 per share for its initial public offering of subscription and sale (OPVS), which gives the telecommunications operator a market capitalisation of approximately €1.662 billion following the capital increase.
The National Securities Market Commission (CNMV) has registered and approved the offer brochure this Thursday. The shares will begin trading under the code 'DIGIS' on the stock exchanges of Madrid, Barcelona, Bilbao, and Valencia, through the Spanish Stock Exchange Interconnection System (Continuous Market).
An operation of up to €330 million
The offer combines a primary tranche of approximately €150 million (26.8 million new shares) and a secondary tranche of about €137 million (24.5 million existing shares sold by Digi Romania, the sole shareholder). The initial size of the operation amounts to €287 million and 51.3 million shares.
Additionally, a 15% over-allotment option has been included on the shares initially offered, which could raise the maximum amount to €330 million and nearly 59 million shares. This option can be exercised during the 30 calendar days following the start of trading.
Barclays Bank Ireland PLC acts as the stabilising entity. The net proceeds from the primary tranche, between €134 and €136 million, will be used to finance the company's growth, including investments in fibre-to-the-home (FTTH), deployment of its own mobile network, and network sharing agreements (RAN sharing).
An anchor investor and group control
Digi Spain has secured a binding commitment from Global Portfolio Investments, the investment company of the Domínguez de la Maza family (Grupo Mayoral), which will invest €100 million in the offer as an anchor investor. After the operation, the Digi Group, led by Digi Communications N.V. (listed in Bucharest), will retain at least 75% of the capital and maintain control of the company.
The CEO of Digi Spain, Marius Varzaru, has described the IPO as "an important milestone and the natural step for a company that has been growing in Spain for years." Varzaru highlighted that the company maintains its business model with its own network and competitive prices, and that being listed gives them "more room to continue investing in fibre and mobile network, without changing the way of working that we have maintained here since 2008."
Complete operation schedule
The demand prospecting process ('bookbuilding') will take place between July 10 and July 14. Allocations to investors will be made on July 15, and the admission of shares is expected on the same day. Effective trading will begin on July 16, with settlement through Iberclear on July 17.
The stabilisation period and the over-allotment option may extend until August 15, 2026. The offer is directed exclusively at qualified investors.
The banking syndicate is led by Barclays, UBS, and Banco Santander as global coordinators, accompanied by BNP Paribas and Citi as senior bookrunners, and BBVA, CaixaBank, and ING as co-bookrunners. Rothschild & Co acts as an independent financial advisor.
For interested investors, the subscription period begins on July 10. The company does not expect to distribute dividends before 2030, as stated in the information brochure.
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