(Bloomberg) -- Spanish firm HBX Group International Plc and its owners are looking to raise as much as €750 million ($782 million) through an initial public offering, earmarking more than €200 million for bonus payments.
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The travel technology company is offering as many as 69 million shares at a price range of €10.50 to €12.50 apiece to raise €725 million in new equity, according to a prospectus published Thursday.
Backers Canada Pension Plan Investment Board, Cinven and EQT are offering a further 2 million shares. The shareholders could also roughly raise an additional €112 million via an overallotment option, according to a term sheet seen by Bloomberg. Books opened on Friday morning.
The IPO could give the company an implied market capitalization of more than €3 billion, while trading is expected to begin on Spanish stock exchanges on Feb 13, according to the term sheet.
HBX’s listing will serve as an early indicator of whether European IPO activity can build on last year’s volumes that topped $20 billion. The Spanish market is also looking for fresh momentum after candidates such as Europastry SA called off their listing plans and Puig Brands SA’s shares fizzled following an IPO of nearly $3 billion in 2024.
HBX plans to use the proceeds of the IPO in part to reduce debt and approximately €208 million for incentive plans and bonuses, according to the prospectus. Alongside the offering, HBX had said it plans to refinance roughly €1.7 billion of existing debt at lower rates through a pair of term loans and a revolving credit facility, according to an earlier statement.
Cinven and Canada Pension Plan Investment Board acquired HBX — then known as Hotelbeds — in 2016 from travel group TUI AG for about €1.2 billion.
Hotelbeds is a wholesale platform connecting hotels with travel agencies, airlines and tour operators. HBX Group’s other brands include Bedsonline and Roiback. The company is active in about 170 countries and employs more than 3,600 people, its website shows.
HBX said it expects revenue of €750 million to €790 million for the 2025 fiscal year, up from €693 million in 2024. Its total transaction value is expected to grow by as much as 16%, after reaching €7.7 billion in 2024.
The offering is being led by Bank of America Corp., Citigroup Inc. and Morgan Stanley, the company said. Evercore Inc. is acting as financial adviser.