Ibercaja Banco intends to go public via an initial public offering of ordinary shares to qualified investors, the Spanish Securities and Exchange Commission (CNMV) has been informed. The placement will be made by the Ibercaja Foundation, which holds 88.04% of the shares. The remaining 11.96% is held by the Fundación Círculo de Burgos, the Fundación Inmaculada de Aragón and the Fundación Caja Badajoz.
Through the share offer, the Ibercaja Foundation aims to reduce its stake in the bank to below 50%, in order to comply with the Banking Foundations Act. Despite this, it hopes to maintain control of the lender.
“We are on the brink of a historic listing for Ibercaja Banco, which reinforces the confidence we all have in the bank’s future prospects, thus giving continuity to the 145 years of exemplary trajectory that precede us. We are convinced this is the best option available to boost the competitiveness of our corporate project. And, at the same time, to comply with the Banking Foundations Act, which requires our main shareholder to reduce its stake in the capital to under 50%”, said Ibercaja Banco chairman, José Luis Aguirre.
Once the offer is completed and assuming the over-allotment option is exercised in full, the Ibercaja Foundation will hold 46.09% of Ibercaja Banco’s shares.
Ibercaja Banco (BB+ e, BB+ p) posted Q3’21 results which showed net profit for the quarter amounted to €72mn, up from €55mn in Q2’21 and €42mn a year earlier. This translated into a RoE of 6.62% in Q3’21, up from 6.46% in the previous quarter and 4.79% a year ago.