(Feb 7): Spanish travel technology firm HBX Group International Plc is expected to price a €748 million (RM3.44 billion) initial public offering (IPO) at the midpoint of its marketed range.

Investor orders below €11.5 per share risk missing out on the transaction, with demand at this level already exceeding the stock on offer multiple times, according to terms seen by Bloomberg. 

The company is raising €725 million in new capital while shareholders Canada Pension Plan Investment Board, Cinven and EQT are selling two million existing shares. The shareholders could also roughly raise an additional €112 million via an overallotment option.

The stock is scheduled to start trading Feb 13 on Spanish exchanges.

HBX’s listing is serving as an early indicator of whether European IPO activity can build on last year’s volumes that topped US$20 billion (RM88.44 billion). Elsewhere in Europe, buyout firm Mid Europe Partners raised US$421 million in an IPO of Polish laboratory operator Diagnostyka SA, while a first-time share sale in luxury logistics company Ferrari Group Plc in Amsterdam is underway.

Cinven and Canada Pension Plan Investment Board acquired HBX — then known as Hotelbeds — in 2016 from travel group TUI AG for about €1.2 billion. Hotelbeds is a wholesale platform connecting hotels with travel agencies, airlines and tour operators. HBX Group’s other brands include Bedsonline and Roiback. 

The offering is being led by Bank of America Corp, Citigroup Inc and Morgan Stanley, the company said. Evercore Inc is acting as financial adviser.

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