Amadeus IPO pilots safe route through sell-off
Spanish booking firm Amadeus raised Eu1.32bn from a jumbo IPO that defied this week’s heavy sell-offs across equity markets and the downgrade of Spain’s credit rating to become Europe’s largest financial sponsor float in two years. Bookrunners priced the offer — the largest IPO completed in Europe this year — on Tuesday afternoon shortly before Spain’s Ibex 35 index lost 4.2% only to extend its fall by another 3% the following day.
The shares still rose 9% (to Eu12) on Thursday, their first day of trading in Madrid, and closed at Eu11.90. The Ibex 35 recovered in line with European markets to close 2.7% higher.
"Given the strength and depth of the order book, the sell-off in the equity market into ...Please take a trial or subscribe to access this content.
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