HBX Group Targets €750 Million in IPO, Earmarks €200 Million for Bonuses
Spanish travel technology company HBX Group International Plc and its owners aim to raise up to €750 million ($782 million) through an initial public offering (IPO).
According to a prospectus released on Thursday, HBX is offering up to 69 million shares at a price range of €10.50 to €12.50 per share, potentially raising €725 million in new equity. Backers Canada Pension Plan Investment Board, Cinven, and EQT will offer an additional 2 million shares. The shareholders could also raise an extra €112 million through an overallotment option.
The IPO could give HBX an implied market capitalization of over €3 billion, and trading is expected to commence on Spanish stock exchanges on February 13.
HBX plans to allocate proceeds from the IPO towards debt reduction, with approximately €208 million earmarked for incentive plans and bonuses. The company also aims to refinance €1.7 billion of existing debt at lower rates.
Acquired by Cinven and Canada Pension Plan Investment Board in 2016, HBX operates as a wholesale platform connecting hotels with travel agencies, airlines, and tour operators. The group's other brands include Bedsonline and Roiback.
HBX is active in approximately 170 countries and employs over 3,600 people. The company projects revenue between €750 million and €790 million for fiscal year 2025, up from €693 million in 2024.
Bank of America Corp., Citigroup Inc., and Morgan Stanley are lead underwriters for the offering, while Evercore Inc. serves as financial advisor.