The set price, the highest in the range announced by the company last week, values the Asturian engineering group at €583 million (€605 million if the over-allotment option of up to €22.5 million is exercised).
Report by Link Securities
TSK has notified the National Securities Market Commission (CNMV) that it has completed the book-building process for the initial public offering of the Company’s ordinary shares in accordance with the tentative timetable set out in the section of the Prospectus entitled “Expected Timetable and Offering Statistics—Expected Timetable of Principal Events”.
In view of the above, and in accordance with the provisions of the Prospectus relating to the Offer and the admission to trading of the Company’s Shares on the Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia for trading via the Stock Exchange Interconnection System or Continuous Market of the Spanish Stock Exchanges (SIBE), which was approved by the CNMV on 5 May 2026, the terms of the offer have been set as follows:
(a) Offer Price: €5.05 per share in the offer (the “Offer Price”). Consequently, the nominal value of the Shares shall be €0.02 and the issue premium for each share shall be €5.03.
(b) Offer Size: the aggregate number of Shares to be issued by the Company under the offer is 29,702,970, resulting in an aggregate amount of Gross Proceeds of approximately €150 million.
(c) Over-allotment Option: the Offer may be increased by an amount of up to €22.5 million (up to a maximum of 4,455,445 additional new shares, equivalent to approximately 15% of the new shares in the Offer constituting the initial size of the Offer) if Banco Santander (SAN), as stabilisation agent, acting on behalf of the Managers, exercises the over-allotment option granted by the company over all or part of the over-allotment shares. The stabilisation period, during which the Stabilisation Agent may carry out stabilisation transactions to maintain the share price, will commence on 13 May and end on 12 June 2026.
(d) Current shareholders’ stake: The stake held by the company’s current shareholders once the offer has been completed will be 74.24 (specifically, the majority shareholder will retain 62.63% of TSK’s voting rights) and, should the Over-allotment Option be exercised in full, will be 71.48% (the majority shareholder would retain 60.30% of the company’s voting rights.
The shares are expected to be admitted to trading on the Spanish Stock Exchanges via the SIBE on 13 May 2026, under the ticker symbol “TSK”, following verification by the CNMV that the listing requirements have been met and approval of the listing by the Governing Bodies of the Spanish Stock Exchanges, which is scheduled to take place on 12 May 2026.
