Travel technology firm HBX Group International Plc, known for its Hotelbeds brand, is set to debut on the Spanish stock market through an initial public offering (IPO). The company aims to raise €725 million to reduce debt and fuel future growth.
HBX Group International Plc, the travel technology firm renowned for its Hotelbeds brand, has announced its intention to launch an initial public offering ( IPO ) on the Spanish stock exchanges. The company aims to raise up to €725 million ($747 million) through the sale of new shares. HBX plans to allocate a portion of the proceeds from the IPO to reduce its existing debt.
Backers, including Canada Pension Plan Investment Board, Cinven, and EQT, will also participate in the offering by selling existing shares, although the precise amount remains undisclosed. Cinven and Canada Pension Plan Investment Board acquired HBX, previously known as Hotelbeds, from travel group TUI AG in 2016 for approximately €1.2 billion.The IPO has the potential to raise around €1 billion or more, while HBX may target a valuation as high as about €5 billion, according to Bloomberg News reports. Hotelbeds operates as a wholesale platform connecting hotels with travel agencies, airlines, and tour operators. The HBX Group encompasses other brands such as Bedsonline and Roiback. The company boasts a global presence in approximately 170 countries and employs over 3,600 people, as indicated on its website. Concurrently with the IPO, HBX Group intends to refinance approximately €1.7 billion of its existing debt at more favorable interest rates through a combination of term loans and a revolving credit facility. HBX anticipates revenue between €750 million and €790 million for the fiscal year 2025, up from €693 million in 2024. Its total transaction value is projected to increase by as much as 16%, following a reach of €7.7 billion in 2024. The IPO is being spearheaded by a consortium of leading investment banks, including Bank of America Corp., Citigroup Inc., and Morgan Stanley, according to documents reviewed by Bloomberg. Bankers are optimistic that listings like HBX will revitalize the Spanish IPO market after last year's hopes fueled by Puig Brands SA's nearly $3 billion IPO eventually waned. The stock experienced a decline in the subsequent trading, and other potential candidates, such as Europastry SA, abandoned their IPO plans. Alongside HBX, casino operator Cirsa Enterprises is also preparing to launch an IPO in Spain as soon as the first half of 2025, Bloomberg News has reported.
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