HBX Group, the Spanish travel technology company known for its Hotelbeds brand and backed by private equity firms Cinven, EQT, and Canadian pension fund CPP Investments, is gearing up for a €1bn ($1.04bn) initial public offering (IPO) in the coming weeks, according to a report by Reuters.
The report cites unnamed sources familiar with the matter as revealing that HBX Group’s listing on the Madrid Stock Exchange has been in the works for over a year, with the firm’s owners carefully timing the market to maximise returns. Cinven, EQT, and CPP Investments, are expected to partially exit their holdings through the offering, potentially securing substantial gains.
The decision to list in Madrid reflects the firm’s strong presence in the European market and aligns with its owners’ strategy of leveraging regional market recovery trends. Analysts have pointed to an improving political climate and robust corporate earnings as factors supporting European equities, making this an opportune moment for HBX to go public.
If successful, HBX Group would be the first company to launch a European IPO in 2025, signalling renewed activity in the region’s capital markets. European IPOs raised $19.3bn in 2024, an 18% increase from 2023, according to LSEG data. However, the number of issuances remained subdued, making high-profile launches like HBX’s particularly significant for private equity firms seeking to monetise their investments.
