The first IPO in Spain in 2026 started with a rise of 4.6% and then the increases accelerated to exceed 15%, to 5.81 euros. The engineering company TSK has launched with a starting capitalization of 582 million euros. Demand has been four times the amount placed and a good part of institutional investors have been left without shares, so this unmet demand is boosting the value on the stock market. The company has the possibility of expanding the size of the operation with an additional 22.5 million euros depending on how the company evolves on the stock market in the coming days. The CEO, Joaquín García Rico, highlighted this Wednesday in a meeting with journalists the good reception from investors and expressed his desire for a majority of the capital to remain in the hands of the founding family. “Going public is a natural step,” he stated.
García Rico has defended the strength of the company: “We are in sectors with high demand in the coming years, such as the energy transition, decarbonization, critical minerals, electrical infrastructures and data centers“The executive has announced that it is a very well diversified company, both by regions and by technology. “This also allows us to protect ourselves from cycles and geopolitical tensions that may arise,” he added.
The Director of Strategy and Corporate Development, Rafael del Castillo, has highlighted the quality of the book, with European and Spanish investors, and with a low weight of hedge funds short term. “The distribution has been carried out in such a way that no shareholder has more than 3%, so that the maximum investment has been 18 million euros per investor,” he explained. Financial sources confirm that around 100 investors have attended the placement, although individuals have not been able to buy until the debut, as has been customary in IPOs in Spain for years.
The interest of investors has been maximum since preparations for the meeting began with the business group chaired by Sabino García Vallina and its banks have been successful; There has even been a good percentage of investors who have not been able to enter the premiere order book, since preference has been given to those who showed interest from the beginning. In fact, before officially starting the Public Subscription Offer (OPS), several investors had secured 40% of the 150 million euros, the minimum set for the expansion. This reception contrasts with that in the rest of the world.
Companies focused on building solutions to technical and logistical problems are experiencing a honeymoon on the stock market, thanks to the pull of renewable transition businesses in what experts call an investment “supercycle.” The Spanish engineering companies Técnicas Reunidas and Elecnor more than doubled their prices in the last year, and the boom in the sector is widespread,
Anchor investors include Amundi, Europe’s largest asset manager; Amundsen, specialized in industrial assets and energy transition; DNB Asset Management, the asset management division of Norway’s leading financial group; the British manager Janus Henderson and the manager Waterside AM. The decision to go ahead with the operation came just after
The coordinators of the transaction are Santander and CaixaBank, and Banca March, which is also the company’s financial advisor, is also hired. Hogan Lovells and J&A Garrigues are handling legal matters. The company’s credibility among investors is maximum, after they have verified the business plan and 2025 accounts with their own eyes.
An analyst who follows the sector considers that the company is a small jewel of Spanish engineering and that this idea has caught on among investors. The company has anticipated that it will continue to reinvest its profits in the development of the business, so that in the next three years it will not distribute dividends. After that period, it will analyze whether it establishes a shareholder remuneration policy.
Most of the capital remains in the hands of the controlling shareholders, the García Vallina family. Sabino García Vallina, founder and president of the group, has 84% of the capital and will keep around 60%. The company told the CNMV that the operation will allow it to reinforce its share capital and increase its financial flexibility, so that it will improve its leverage indicators, by favoring a greater conversion of operating results into net profit and allowing it to benefit from more favorable financing conditions in current and future agreements.
The transaction supports its business plan, which plans to generate more than 4,000 million euros in income between 2025 and 2028. The valuation of the company will be placed, to begin with, between Miquel y Costas, which capitalizes 560 million euros, and Ence, with 600 million, both outside the Ibex 35. In addition, Santander, global coordinator of the operation together with CaixaBank, reserves the possibility of expanding the operation by about 22.5 million extra euros, which would mean a capitalization of about 605 million.
TSK’s portfolio of already signed projects reaches 1,300 million euros, after last year its turnover reached 1,034 million, with a slight increase compared to 2024, and its gross operating profit (ebitda) grew by 37%, to 99.7 million. It also has other weapons that will protect its results for the immediate future, such as preferential agreements signed with global energy and industrial clients worth approximately 3.7 billion euros, where it is already carrying out design and engineering work.
Its EBITDA margin, the market’s focus, also grew, up to 9.6%, 2.5 percentage points more than the previous year. s.
