HBX Targets €725m in Spanish IPO to revive Europe’s public listings market

HBX Group, a private equity-owned hotel room wholesaler, plans to raise up to €725m through an IPO in Spain.

This move positions HBX as the first major European listing of 2025. The company’s valuation could reach approximately €5bn. The IPO includes partial stake sales by current shareholders, including CPPIB, Cinven, and EQT.

Best known for its Hotelbeds brand, HBX plays a critical role in the global travel industry. In particular, it connects clients like Expedia and airlines with a wide array of hotel rooms, rental cars, and travel experiences. By pre-negotiating room availability and rates, the company helps businesses reach customers in emerging travel markets such as Asia and Latin America.

The IPO proceeds will primarily be used to reduce HBX’s debt, a key step in strengthening its financial position. The company, acquired by CPPIB and Cinven in 2016 for €1.2bn, aims to capitalise on Europe’s recovering IPO market. Recently, the market has faced volatility due to geopolitical and macroeconomic challenges.

A successful listing would signal renewed momentum in European IPOs. While some recent offerings, like Galderma, have performed well, others, such as beauty group Douglas, have struggled. HBX’s flotation could boost confidence among private equity firms looking to exit portfolio investments through public markets.

With its focus on connecting businesses to global travel opportunities, HBX is poised to make a significant impact on Spain’s IPO landscape. Moreover, it will serve as a bellwether for the region’s broader market recovery.

Source: Financial Times

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