Digi Spain prices IPO at €5.60 per share, targets up to €330 million in Madrid listing

IPO structure and pricing

Digi Spain Telecom, the country's fourth mobile operator, has set the price for its initial public offering at €5.60 per share. The valuation implies a market capitalisation of approximately €1.662 billion after the planned capital increase. The base offering consists of 51.3 million shares worth around €287 million, representing 17% of the company. A primary tranche of 26.8 million new shares will raise about €150 million, while existing shareholder Digi Romania will sell 24.5 million shares in a secondary tranche worth roughly €137 million.

Barclays Bank Ireland, acting as stabilising agent, has been granted an over-allotment option for up to 7.69 million additional shares, equivalent to 15% of the initial offering. If exercised in full, the total placed volume would reach approximately €330 million, or 20% of the capital. Digi Romania will retain at least around 80% of Digi Spain after the transaction.

Use of proceeds

The net proceeds from the primary offering are expected to be around €134 million. Digi Spain intends to channel these funds mainly into growth initiatives, including the expansion of its SMART Footprint with new fibre-to-the-home deployments and the development of its mobile network through both network-sharing agreements and proprietary infrastructure.

maintaining a prudent level of indebtedness

Investor base and pre-IPO commitments

The offering is aimed exclusively at qualified investors, with no retail tranche. The minimum investment threshold is €100,000. In recent weeks the company approached around ten Spanish family offices to gauge interest. It has already secured a €100 million commitment from the Domínguez de la Maza family, owners of the Mayoral children's clothing brand, through a pre-IPO placement executed by Banco Santander at a price below the final IPO level.

Timeline and next steps

The IPO prospectus is still pending approval from the Spanish securities market regulator (CNMV). The offer period will begin once the green light is received. Digi Spain expects its shares to start trading on the Spanish stock exchanges on 16 July 2026, conditional on final regulatory clearance. The listing resumes plans that were postponed in late April, when the company cited market instability linked to the Middle East conflict. The current valuation of €1.662 billion is below the €2 billion figure discussed during the earlier attempt.