Ignis y HIP aceleran para lanzar sus salidas a Bolsa

Hotel firm Hotel Investment Partners (HIP) and renewable energy group Ignis are both planning to announce their intentions to list on the Spanish stock market in the coming week. The two companies intend to publish their initial offering filings, known as ITFs, by next Monday, September 28th, according to multiple market sources.

While the exact date may be subject to change, HIP and Ignis aim to begin trading in the second half of October. The recent rise in interest rates makes fixed income investments more attractive than variable-rate investments, negatively impacting both companies. HIP faces additional challenges due to higher financing costs, which may press down on real estate valuations.

In contrast, Ignis' market impact will primarily affect its capital costs and the returns expected by investors on its projects. However, HIP is estimated to have a larger margin for a more demanding valuation compared to Ignis. HIP seeks to raise approximately €700 million through a public subscription offering (OPS) to finance the acquisition of new hotels in the Mediterranean region.

The company, which originated from Banco Sabadell, is currently valued at around €6 billion and is banking on Citi, Morgan Stanley, Goldman Sachs, BNP Paribas, Santander, Bank of America, Crédit Agricole, Société Générale, Alpha Bank, RBC, JB Capital, and Kempen as its banking syndicate members. Ignis plans to execute its listing through an OPS of up to €600 million to raise capital for its energy and data center connectivity strategy.

The company's valuation currently ranges between €1,000 and €1,500 million, with major investor Vortex Energy holding a significant stake. Ignis has Citi, Morgan Stanley, Santander, BBVA, CaixaBank, UBS, Alantra, Berenberg, JB Capital, and Banco Sabadell in its banking syndicate. The timing of these potential Spanish stock market debuts would mark the third and fourth initial public offerings of the year.

Previous successful IPOs in Spain include engineering firm TSK and Romanian telecom operator Digi, which have both significantly outperformed the market since their listings.