In Spain, there has been a kind of urban legend that IPOs don’t work and investors end up losing money. This has possibly been the case in the past, but not now. And perhaps this is because most of the current IPOs are almost exclusively aimed at institutional investors, so operations need to be more fine-tuned.
MADRID | By Francisco López | The successful launch of the Aena IPO has been interpreted as a sign of confidence in the recovery of the Spanish economy. The airport operator was floated last week and saw gains of 20.6%, but the headline grabbing investment from international funds such as BlackRock, Templeton, Fidelity or Capital Group has given credence to the sense that Spain is an increasingly attractive proposition for investors.