Cox and Inmocemento: heads and tails in their early days

After months of IPOs coming in bits and pieces, last week two of them coincided on the Madrid stock market, joining the one held by Puig in early May. It was a case Helplessness on Tuesday and Coke on Friday, which have different luck in the first trading sessions.

Thus, if Inmocemento takes over crossCox currently reflects face. And last Friday’s debut was not positive. The company got off to a rocky start, losing up to 7% of its market value after the bell rang. However, on Monday he managed to turn the tide and, thanks to the stock market rising by more than 7%, he managed to regain almost everything he lost.

In the case of Inmocemento, the early days of the listed company were not easy. In this case it was an IPO through listing

and this was done at a first base price of 4.25 euros. In the first session, he already lost almost 10%, and in subsequent sessions he extended this collapse to the current 20%. The company was born from spin off What is the FCC doing with its real estate business (Metrovacesa, Realia and Jezzine Uno) and cement business (mainly Cementos Portland Valderribas)

“We are pleased to welcome Inmocemento, who, after spin off It will have the advantages of being its own listed company, such as reputation, visibility, the ability to finance itself on a regular basis and access to national and international investors. The stock exchange offers listed companies a wide range of options depending on their needs and future plans,” explains Javier Hernani, former CEO of BME.

Regarding the shareholding, according to the prospectus presented by CNMV, the main shareholder is the company Control Empresarial de Capitales, owned by Carlos Slim with 69.6%, the Mexican tycoon himself with 11.92%, Melinda French with 4.25% and Esther Koplowitz with 3 .22%. %.

Difficult placement

This Friday, after a difficult selection process (even the debut day, originally scheduled for Thursday the 14th, was postponed), Cox rang the bell. While the initial move was somewhat positive for the company (residing up 0.1%), it didn’t take long for investors to change their positions, with shares of the energy company trading nearly 15% higher per share at the worst moments of the day. . below the starting price (€10.23, the lower part of the range provided).

In the process of IPO the company reduced the size of its operation by up to two times. First, it reduced the capital it hoped to raise from €200 million to €175 million. He then reduced the reallocation option from 15% to 10%. After these two layoffs, Cox was able to close the books even with excessive demand

. Thus, the company collected a total of 185 million euros.

The funding received under this OPS will be used to meet two capital needs as outlined by the company in its IPO brochure. On the one hand, its strategic projects, which are equivalent to 42.37% of its pipeline electricity production; and, on the other hand, to the opportunities identified in the field of concessions and water transportation.