Alantra Acts as Joint Bookrunner for Cox’s IPO on Madrid Stock Exchange

Nov 2024

Joint Bookrunner

Value €185mn

Madrid – Alantra has acted as Joint Bookrunner for the successful Initial Public Offering (“IPO”) and listing of Cox ABG Group, S.A. (“Cox” or the “Company”), a leading water and energy utility, on the Madrid Stock Exchange. Cox began trading today.

Cox is a vertically and horizontally integrated water and energy utility. Alongside its water and energy divisions, Cox provides additional services, including engineering and procurement (EP) and operations & maintenance (O&M). The Company’s utility business model covers the entire value chain for both water (desalination, purification, reutilization, treatment, and integrated water resource management) and energy (generation and transmission). Through its divisions, Cox leverages synergies from its complementary capabilities to maximize value creation.

The Offering comprised a primary issuance of new shares by Cox, raising €185mn, including the over-allotment option, resulting in a market capitalization of €805mn upon admission to trading. The Company attracted significant cornerstone interest from several local investors, a testament to confidence in its growth prospects and robust business model.

As Joint Bookrunner, Alantra collaborated closely with the Company and other advisors to optimize the offering structure and effectively engage with investors. This effort contributed to the IPO’s success, with over 50 investor education meetings held with various local and international institutional and non-institutional investors.

Andre Pereira, Partner and Head of ECM at Alantra Equities, said: „We are proud to have supported Cox on their journey to becoming a publicly listed company. The success of this IPO underscores the strength of Cox’s business strategy and the exceptional work of their team. As only the second IPO in Spain this year, we hope this achievement marks a positive step toward reopening the Spanish capital markets, enabling more mid-sized Spanish companies to pursue growth through public listings. We look forward to supporting Cox as they continue to expand their industry leadership as a listed company.“