Spanish residential developer Aedas Homes is planning a listing on the Madrid stock exchange for October 20, in what would be Spain's second IPO by a developer since the onset of the financial crisis.
In a preliminary prospectus Aedas - owned by US private equity firm Castlelake - said it expects to raise gross proceeds of up to €1.6 bn by issuing units at between €31.65 and €33.15 a unit.
The company would have a 44-48% free float while its sponsor would retain a 52-56% share.
Aedas' portfolio is spread across a number of Spanish regions including Madrid, Barcelona, Málaga, the Balearic Islands, Alicante, Valencia, Seville and Tarragona. The company owns a massive land portfolio which would allow for the development of up to 13,000 homes.
It would be the second IPO by a Spanish residential developer in recent years following Neinor's successful listing in March 2017. Lone Star listed Neinor's shares on the Spanish continuous market in Madrid on 29 March in the largest-ever IPO for a European residential developer.
Priced at €16.46 per share, the oversubscribed IPO gave Neinor a market capitalisation of €1.3 bn. Lone Star retained a 40% share in the residential developer.
