Spanish travel technology group HBX slumps on market debut (updated)

HBX International

13/02/2025 09:22

(Adds detail and updates share price)
       MADRID, Feb 13 (Reuters) - Shares in Spanish travel
technology company HBX Group  HBX.MC  plunged on their market
debut on Thursday, erasing 236 million euros of its market
value.
    HBX Group, which owns the Hotelbeds brand, had priced its
shares at 11.50 euros earlier in the week for a 2.84 billion
euro ($2.96 billion) valuation, in one of the euro zone's first
initial public offerings of the year.
    The Madrid-listed shares, however, were down 8.3% at 10.54
euros by 0920 GMT while the blue-chip IBEX-35  .IBEX  index was
unchanged. 
    The company buys hotel accommodation, car rental and other
travel products at a wholesale level and offers them to
retailers on its different internet platforms.
    The IPO raised 860 million euros including an over-allotment
option.
    HBX shareholders include private equity firms Cinven and EQT
 EQTAB.ST , as well as Canada's CPP Investments. They all
reduced their holdings through the IPO.
    ($1 = 0.9601 euros)

 (Reporting by Inti Landauro
Editing by Emma Pinedo and David Goodman)
 ((Inti.Landauro@thomsonreuters.com;))