May 07, 2015

Flotation values Talgo at €1.27bn

Written by  Fernando Puente
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TALGO made its debut on the Madrid stock exchange on May 7 with shares trading at €9.25, the lower end of the price range, setting the company's total market value at €1.265bn. Only institutional investors were allowed in the Initial Public Offering (IPO) of 45% of the company's capital.

Current shareholders Trilantic Capital Partners, MCH Private Equity and the founding Oriol family sold a proportional part of their stakes to institutional investors, raising funds directly and without increasing the company's total capital.

A minor proportion of the floated shares, totalling around 5% of the total capital, have been allocated to Talgo's executives (more than 4%) and employees (less than 1%).

The company's order book reached €3.692bn at the end of 2014, 77% of which came from overseas markets, and it registered a net profit of €38.5m.

With this third and final attempt at a listing, both major Spanish rolling stock manufacturers, CAF and Talgo, are now on the Madrid stock exchange.

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