Alantra Acts as Co-Lead Manager for the IPO of HBX Group on Madrid Stock Exchange

Feb 2025

Co-Lead Manager

Value €860mn

Madrid – Alantra has acted as Co-Lead Manager for the successful Initial Public Offering (“IPO”) and listing of HBX Group International plc (“HBX Group” or the “Company”), the leading independent B2B travel marketplace, on the Spanish Stock Exchange. HBX Group began trading last Thursday. The pricing at €11.50 per share implies a market capitalization of approximately €2.84bn upon admission.

HBX Group is a leading independent B2B travel technology marketplace that owns and operates Hotelbeds, Bedsonline and Roiback. The Group offers a network of interconnected travel tech products and services to partners such as Online Marketplaces, tour operators, travel advisors, airlines, loyalty programs, destinations and travel suppliers.

The IPO consisted of a primary offering of 63mn new shares, raising approximately €725mn in gross proceeds for HBX Group. Additionally, 2mn existing shares were placed by the Selling Shareholders, contributing with €23mn to the total IPO size. The offering, oversubscribed multiple times across the price range, raised a total of c.€860mn including greenshoe, outlining strong demand from international and domestic institutional investors.

The Company intends to use the proceeds to settle deferred sale considerations, cover cash outflows linked to Admission, and finance debt refinancing, among other objectives.

André Pereira, Partner and Head of ECM at Alantra Equities, said: “We are pleased to have supported HBX Group in this landmark transaction, which marks the first IPO in Spain this year. The strong reception from both local and international investors is a testament to the Group’s exceptional work over the years and its compelling growth story.”

This transaction underscores Alantra’s momentum in advising on high-profile Equity Capital Markets transactions in Spain, having recently acted as Joint Bookrunner for OHLA’s Capital Increase and Cox’s IPO on Madrid Stock Exchange.