The stock market is making us wait: companies are waiting

BarcelonaUS President Donald Trump's tariff threats have sent shockwaves through the stock markets in recent weeks. The warnings from the leader of the world's leading power and the global trade war he is beginning to unleash have only generated uncertainty.

2025 was a year in which major IPOs were expected. However, the doubts, which often generate overreactions in the markets, have caused planned stock market debuts, such as those of the multinational leisure and gaming company Cirsa or the airline Volotea, to hit the pause button, setting Easter in mid-April as a possible turning point. "Calm is expected to return to the markets," says a source in the sector.

Some see this argument as an excuse, especially if the companies aren't affected by the customs surcharges planned by Washington. In any case, transactions like the ones expected are waiting for what they call "a window of opportunity," that is, a period of greater calm.

For the managers of these companies, the precedents experienced on the stock markets are also important. Leaving aside the slowdown of the frozen dough manufacturer Europastry, which decided to halt its debut the day before and has already had four failed attempts, last year saw three notable listings on the stock exchanges, after a two-year drought of initial public offerings (IPOs).

The most notable case globally was that of the Catalan family-owned multinational perfume, cosmetics, and fashion company Puig. And the year ended with the stock market debut of Inmocemento and Cox. None of the three can draw much of a positive lesson. Particularly Puig, which launched at a price of 24.50 euros per share, fell below 17 euros this Friday due to fears of a contraction in the luxury market. Meanwhile, the FCC spin-off, which debuted at 3.53 euros, is flirting with falling below the 3 euro level; and the green energy generation and transmission firm Cox, which traded at 9.50 euros on its first day, is hovering around 8 euros.

Given these experiences, some of the candidates to debut on the stock market this year have reconsidered and are waiting for less turbulent times, although some experts believe the situation on the European stock markets does not justify the concern. One of those that has opted to debut despite the uncertainties is Hotelbeds (HBX), the resale company for hotel reservations for airlines, travel agencies, and tour operators. It has capitalized on the positive trend in tourism in Spain, which has become one of the main drivers of economic growth. The company began trading at €11.50 and has yet to recover. This company, whose main shareholders are private equity firms Cinven, EQT, and the Canadian fund CPP Investments, is a benchmark targeted by companies looking to enter the market for financing this year.

But not everyone sees the potential risks the same way. The stock markets that were expensive were those in the US, not the European ones. And that's why they've suffered significant corrections. Another element highlighted by Jaume Puig, CEO of GVC Gaesco Gestió, is volatility. This variable is historically 20%, standing at 22%, very close to the average. "If the intention is to go public with normal multiples, there's no problem," he adds. It's another matter if the aspiration is to achieve the highest possible price. He gives Puig as an example, who according to him chose to go public at too high a price, which is why it has been trading far below this level for months.

Jordi Fabregat, professor of economics and director of theexecutive master In finance at Esade, he states that some companies that want to go public "find that they have to sell out too cheaply and prefer to wait a few days or a year if necessary." This specialist agrees that the overvalued markets were those of the US, "with multiples much higher than they should be." The truth is that, currently, losses on stock market debuts occur even on the first day, breaking the trend that pointed to a much longer period of prosperity, according to various studies. It was common for the day of the debut to see increases of 10% to 20%. And that no longer happens.

Jaume Puig, for his part, believes that behind the statements of some of the companies there is an excuse, especially regarding those controlled by private equities (entities that buy majority stakes in unlisted companies with the intention of, over time, placing all or part of the capital on the stock exchanges), which seek to "squeeze the lemon as much as possible." "Both the Eurostoxx and the Ibex 35 have risen over 10% so far this year; if the company is not directly threatened by tariffs, it makes no sense to use them as an excuse," he asserts. Nor does he see any justification in the possibility of a recession, which the Trump administration has played with but, in any case, would have an indirect effect, the eventuality of which remains to be seen.

At Bolsas y Mercados (BME), the company part of the Swiss group Six that manages the Spanish stock exchanges, they understand that the opportunity to turn to the stock exchanges for financing is attractive. "The Spanish market is showing additional attractiveness for companies in an environment where regulation seems to be starting to favor IPOs. The recent announcement by the National Securities Market Commission (CNMV) that it will streamline the approval of prospectuses before the distribution of shares in a public offering represents a great opportunity," they emphasize in their latest report. They add that BME "is working intensively with the regulator on this and other measures" that, in their opinion, will allow "an increase in the pace of incorporation of companies into the stock market ecosystem in the coming years."

The truth is that since the pandemic, we have been experiencing dry times. Last year, this situation was overcome with three large placements on stock exchanges and 21 on SME exchanges (BME Growth and BME Scaleup). 2025 was expected to mean an acceleration of the process. However, at this point in the year, the drought continues, especially in the continuous market, which requires a public limited company with a minimum capital of 1,202,025 euros.

In the BME Growth, where shares held by shareholders with percentages less than 5% of the share capital must represent an estimated value greater than two million euros and have at least 20 shareholders, independent of the reference shareholders, with a stake of less than 5% of the share capital, which debuted last October EV Motor, former Nissan factory in the Zona Franca of Barcelona.

And in the BME Scaleup, a more accessible index aimed at companies with a proven business model, in a phase of accelerated growth for at least three years, a minimum turnover of one million euros and an investment of at least this amount, eight companies joined last year, from A12 or A12. And since the start of this year, six have joined: Simply Solar is the latest to announce its intention to enter.

One of the companies expected to generate the most activity on the main stock exchange is the gaming and leisure group Cirsa, controlled by Blackstone of the United States since 2018, which purchased it from the Lao family, which maintained the business in Argentina. The group's operating revenue last year was €2.15 billion, and operating profit was €699 million. This company maintains its intention to list on the stock market, but is waiting for the right moment.

This move "is a very feasible option," but no final decision has yet been made, according to company sources. Both Blackstone, the group's owner, and the management team are reviewing ongoing valuations and are in contact with investment banks and potential investors, but have not yet made a decision. In any case, it would not be a question of Blackstone divesting its entire stake, because it "has a desire to remain," according to its spokespersons.

For its part, the airline Volotea states that it has been planning to go public "for some time" and is, "in market terms, IPO ready". But they hope that "market conditions will improve and uncertainty will decrease." Last year, the company agreed to a capital increase of up to €100 million in two phases, with the participation of its current shareholders and management team. In addition, the Greek airline Aegean Airlines, aiming to reach 21% of the capital, and the American investors PAR Capital and HillCity, well-known in the aviation sector, joined this agreement.

Tendam, owner of Cortefiel, Women's Secret, Springfield, Pedro del Hierro, and Hoss Intropia, among others, has decided not to go public after Abu Dhabi investor Multiply Group purchased 67.9% of the company on February 25. CVC and PAI remain in the company, but now as minority shareholders.

Another candidate for its stock market debut is Restaurant Brands Iberia, which operates franchises in Spain for Burger King, Popeyes, and Tim Hortons. However, the Cinven fund, which holds 57% of the capital, and Gregorio Jiménez, founder and president of the group, who holds another 17% of the shares, have stated that they are waiting to decide.

In the current context, Jaume Puig highlights the Chinese company Chery, a partner in the conversion project of the former Nissan plant in the Zona Franca of Barcelona. This company, which is the second largest vehicle producer in China and the largest exporter, plans to list part of its capital on the stock market for a value of around €1.7 billion, and if it does so, it will be one of the largest global placements.