Digi Spain launches IPO plan, backed by €100M from Mayoral family, to accelerate network expansion

The offering

Digi Spain, the Spanish subsidiary of Romanian telecom group Digi Communications, announced on Monday its intention to float on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges. The public offering will combine the issuance of new shares worth approximately €150 million with a sale of existing shares by parent company Digi Romania, the sole shareholder. Net proceeds are expected to reach around €136 million, and the deal includes a standard over-allotment option of up to 15% of the initial offer size. After the listing, Digi Communications will retain at least 75% of the capital and control of the company.

Cornerstone backing

The operation has secured a binding commitment from Global Portfolio Investments, the investment vehicle of the Domínguez de la Maza family, owners of Grupo Mayoral. The family office will invest €100 million at a pre-money equity valuation of up to €1.7 billion. The underwriting syndicate is led by Barclays, UBS, and Banco Santander as global coordinators, with BNP Paribas and Citi as senior co-lead managers, and BBVA, CaixaBank, and ING completing the group. Rothschild & Co acts as financial adviser.

Network expansion plans

Digi intends to use the fresh capital to accelerate the rollout of its own fiber-to-the-home network, which already passes more than 14 million homes, and to build out its proprietary mobile infrastructure. The company has been gaining market share rapidly in Spain, reaching a 14% share in fixed broadband and 13% in mobile, making it the third-largest operator by customers. CEO Marius Varzaru said the listing would provide an additional funding channel.

Listing on the stock exchange would give us the opportunity to have an additional source of capital beyond those that have allowed us to finance our growth so far: our own capital and bank financing.

A postponed debut

Digi had initially explored an IPO earlier this year but shelved the plans in April due to market instability triggered by the conflict between the United States and Iran. The recent peace agreement and record highs on the Spanish stock market have allowed the company to reactivate the process. The final timetable remains subject to market conditions and approval of the prospectus by Spain's CNMV, with a potential debut in the autumn after first-half accounts are audited. The company has also been sounding out Spanish family offices for a pre-IPO placement to secure additional funds.

Financial outlook

For 2026, Digi Spain forecasts revenue between €1,040 million and €1,085 million, with an adjusted EBITDA margin in the low 20% range and capital expenditure of close to €400 million. Over the medium term, the company targets double-digit revenue growth and an adjusted EBITDA margin above 30%. The IPO is part of a broader investment plan that foresees €900 million in spending between 2027 and 2029.