The Spanish initial public offering (IPO) market made a strong comeback during 2006, with 10 offerings worth E2.98bn (£2bn) (in aggregate) completed during this period. This makes 2006 the most active year since the record year of 1999, during which 12 offerings were executed, with an aggregate value of 24.39bn (£2.95bn).
One of the peculiarities of this resurgence is that it has coincided with the implementation across Europe of the European Union (EU) Prospectus and Market Abuse Directives, as well as the introduction of International Financial Reporting Standards (IFRS). The following are certain trends arising from recent transactions.
