Madrid-Listed HBX Stock Drops Sharply in Market Debut
HBX Group, a Spanish travel technology company, experienced a significant decline in its shares upon their market debut on Thursday. The stock price fell by 8.3%, equivalent to a market value loss of 236 million euros.
The company had priced its initial public offering (IPO) at 11.50 euros per share earlier in the week, aiming for a valuation of 2.84 billion euros. This marked one of the first major IPOs in the euro zone this year.
HBX owns the Hotelbeds brand and operates as a wholesaler of hotel accommodation, car rentals, and other travel products. It sells these products to retailers through its online platforms.
The IPO raised a total of 860 million euros, including an over-allotment option. Major shareholders Cinven, EQT, and CPP Investments reduced their stakes in the company through the offering.
The Madrid-listed shares of HBX closed at 10.54 euros by 0920 GMT, while the benchmark IBEX-35 index remained unchanged.