These materials are not an offer for sale of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be sold in the United States absent registration or an exemption from registration under the Securities Act.
HBX Group launches its IPO on the Spanish Stock Exchanges, at a Price Range of €10.50 - 12.50 per Share
London, 30th of January, 2025– HBX Group International plc (the “Company” or “HBX Group”) , a leading independent B2B travel technology (“TravelTech”) marketplace, today announces the registration and approval by the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores, the “CNMV”) of the prospectus (“the Prospectus”) in relation to the initial public offering of ordinary Shares of the Company (the “Offering” and the “Shares”, respectively) and subsequent admission to trading of the Shares on the Barcelona, Bilbao, Madrid and Valencia Stock Exchanges through the Automated Quotation System (Mercado Continuo) (respectively, the “Admission” and the “Spanish Stock Exchanges”). The bookbuilding process will start following approval and registration of the Prospectus with the CNMV.
The Offering is expected to consist of a primary offering of newly issued Shares, targeting an equity raise of approximately €725 million, as well as an up to €25 million secondary offering of existing Shares by certain shareholders. The Company also announces the non-binding indicative offering price range of between €10.50 and €12.50 per Share at which the Shares are being offered in the Offering (the “Offering Price Range”). Based on the non-binding indicative Offering Price Range, upon completion of the Offering, the Company is expected to reach a market capitalization of between c.€2.66 billion and c.€3.03 billion. The final price of the Offering (the “Offering Price”) will be determined upon completion of the bookbuilding period and will be announced through an inside information notice (comunicación de información privilegiada).
Key Offering Details
- The total initial Offering size is up to €750 million at the top end of the Offering Price Range
- The Company is offering newly issued Shares to qualified investors to raise gross proceeds of approximately €725 million.
- A secondary offering by Canada Pension Plan Investment Board and vehicles controlled by funds managed or advised by Cinven and EQT (collectively, the “Selling Shareholders”) of 2 million existing Shares to qualified investors to obtain gross proceeds of between €21 million and €25 million (at the lower and upper ends of the Offering Price Range).
- The Offering Price will be determined upon completion of the bookbuilding period, on or about the 10th of February 2025, and is expected to be within the Offering Price Range of €10.50–€12.50 per Share.
- The bookbuilding period commences following approval and registration of the Prospectus with the CNMV and is expected to end on the 10th of February 2025.
- The first day of effective trading of the Shares through the Automated Quotation System (AQS) of the Spanish Stock Exchanges is expected to take place on 13th February 2025.
- An over-allotment option will be granted by the Selling Shareholders to BofA Securities Europe SA in its capacity as stabilisation manager, allowing it to, on behalf of the underwriting syndicate, acquire additional Shares of the Company representing up to 15% of the Initial Offer Shares, as defined below, within 30 calendar days from the commencement of trading of the Shares on the AQS.
Key Offering Data
Listing venue |
Spanish Stock Exchanges |
Ticker |
HBX |
ISIN |
GB00BNXJB679 |
Offering Price Range |
€ 10.50 –€ 12.50 per Share |
Primary Offering Size |
€725 million / between 69,047,619 and 58,000,000 Shares (at the lower and upper ends of the Offering Price Range) (the “New Offer Shares”) |
Secondary Offering Size |
€21 million – € 25 million / (at the lower and upper ends of the Offering Price Range) / 2,000,000 Shares (the “Existing Offer Shares”, and together with the New Offer Shares, the “Initial Offer Shares”) |
Over-allotment Option |
Up to 15% of the Initial Offer Shares |
Maximum Offer Size (including Over-allotment Option) |
€862.5 million |
Expected Offering Timetable
Prospectus Approval & Registration with CNMV & Publication |
30th of January 2025 |
Commencement of the bookbuilding period |
Following approval and registration of the Prospectus with the CNMV |
Finalization of the bookbuilding period |
10th of February 2025 |
Setting of the number of Initial Offer Shares, Over-allotment Shares and the Offering Price |
10th of February 2025 |
Allocations of Initial Offer Shares |
11th of February 2025 |
Verification of Admission by CNMV. Approval of Admission by the Spanish Stock Exchanges |
12th of February 2025 |
Start of trading and commencement of stabilisation period and of the Over-allotment Option exercise period (on or about) |
13th of February 2025 |
End of stabilization period and the Over-allotment Option (no later than) |
14th of March 2025 |
About HBX Group
HBX Group is a leading independent B2B travel technology marketplace that owns and operates Hotelbeds, Bedsonline and Roiback. We offer a network of interconnected travel tech products and services to partners such as Online Marketplaces, tour operators, travel advisors, airlines, loyalty programs, destinations and travel suppliers.
Our vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries and employs more than 3600 people around the globe. We are committed to making travel a force for good, creating a positive social and environmental impact.
More information:
www.hbxgroup.com
HBX Group Media Contact
Brunswick Group
hbx@brunswickgroup.com
Blanca Zayas – Head of Corporate Communications
bzayas@hbxgroup.com
M. +34 670 28 46 56
Investor Relations Contact
investorrelations@hbxgroup.com
Isabel Green – Investor Relations Director
igreen@hbxgroup.com
M. +44 7826 910691
Follow us: LinkedIn, Facebook, X, Instagram.
IMPORTANT INFORMATION
The contents of this announcement have been prepared by and are the sole responsibility of HBX Group.
The information contained in this announcement does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement.
This announcement is neither a prospectus nor a prospectus-equivalent document nor an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Offering and the distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There is no intention to register any portion of the Offering in the United States or to conduct a public offering of securities in the United States.
The offer and sale of the Shares in the Offering are subject to specific legal or regulatory restrictions in certain jurisdictions. The Group has not authorized any offer to the public of securities in the United Kingdom or in any Member State of the European Economic Area and assumes no responsibility in the event of a violation by any person of such restrictions.
Within the European Economic Area, this communication is addressed only to and directed at persons who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council, of 14 June, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “Prospectus Regulation”).
In the United Kingdom, this communication is directed only at “qualified investors” (as defined in Article 2(e) of the Prospectus Regulation as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended)) (i) having professional experience in matters relating to investments so as to qualify as an “investment professional” under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or (ii) falling within Article 49(2) (a) to (d) of the Order or (iii) to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). Any investment or investment activity to which this communication relates will only be available to and will only be engaged in with, relevant persons. Any person who is not a relevant person must not act or rely on this document or any of its contents.
This announcement and its contents must not be acted on or relied upon (i) in the United Kingdom by persons who are not “relevant persons” or (ii) in any member state of the European Economic Area by persons who are not “qualified investors”. The communication of this announcement in the United Kingdom to persons who are not “relevant persons” or in any member state of the European Economic Area to persons who are not “qualified investors” is unauthorized and may contravene applicable law.
This announcement is an advertisement for the purposes of article 22 of the Prospectus Regulation and does not constitute a prospectus for the purposes of the Prospectus Regulation. The Prospectus approved by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores or the CNMV) is available to investors on the website of the CNMV (www.cnmv.es) and of the Group. Investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and uncertainties associated with the decision to invest in the Shares, and investors should not purchase (or subscribe for) any Shares referred to in this announcement except on the basis of information in the Prospectus approved by and registered with the CNMV. The approval of the Prospectus should not be understood as an endorsement of the Shares by the CNMV.
The information and opinions in this announcement are not based upon a consideration of any particular investment objectives, financial situation or needs. Readers may wish to seek independent and professional advice and conduct their own independent investigation and analysis of the information contained in this announcement and of the business, operations, financial condition, prospects, status and affairs of the Group.
The Offering and/or the Admission may be influenced by a range of circumstances such as market conditions. There is no guarantee that the Offering will proceed and that the Admission will occur and you should not base your financial decisions on the Group intentions in relation to the Offering and the Admission at this stage.
This announcement includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “objectives”, “outlook”, “aims”, “expects”, “intends”, “may”, “plans”, “potential”, “should” and “will” as well as their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the Group’s objectives and intentions, beliefs or current expectations concerning, among other things, the Group’s financial performance, prospects and growth.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements rely on a number of assumptions, including, among others, the development of the Group’s business, trends in the Group’s industry and the Group’s ability to successfully execute and meet its medium-term outlook. Such assumptions are inherently subject to significant business, operational, economic and other risks and uncertainties. You are hereby cautioned that forward-looking statements are not guarantees of future performance and that the Group’s actual financial condition, results of operations and cash flows may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if the Group’s financial condition, results of operations and cash flows are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of the Group’s results or developments in subsequent periods and may be impacted by important factors. No representation or warranty is made that any forward-looking statement will come to pass. No one undertakes to publicly update or revise any such forward-looking statements.
The financial information included herein has been derived from the special purpose consolidated financial information of HBG Limited and its consolidated subsidiaries as of and for and for each of the three years ended 30 September 2022, 2023 and 2024, that have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.
In connection with the potential Offering, the Managers and any of their respective affiliates, may take up a portion of the Shares as a principal position and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares or related investments in connection with the potential Offer or otherwise. Accordingly, references in the Prospectus, once published, to the Shares being offered, acquired, placed or otherwise dealt in should be read as including any offer to, or acquisition, placing or dealing by the Managers and any of their respective affiliates acting in such capacity. In addition, the Managers and any of their respective affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which they may from time to time acquire, hold or dispose of Shares. None of the Managers nor any of their respective affiliates intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
Nothing contained herein constitutes or should be construed as (i) investment, tax, financial, accounting or legal advice; (ii) a representation that any investment or strategy is suitable or appropriate to your individual circumstances; or (iii) a personal recommendation to you. None of the Managers nor any of their respective affiliates and/or any of their or their affiliates' directors, officers, employees, advisers and/or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to, the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) and/or any other information relating to the Group, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith.
Each of the Managers will be acting exclusively for the Group and the Selling Shareholders and no one else in connection with the potential Offering. The Managers will not regard any other person as their client in relation to the potential Offering and will not be responsible to anyone other than the Group and the Selling Shareholders for providing the protections afforded to their respective clients nor for giving advice in relation to the potential Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
Information to distributors: Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EC on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”) and in Chapter 3 of the FCA Handbook Product Intervention and Product Governance Sourcebook (the “UK Product Governance Requirements”, together with the MiFID II Product Governance Requirements, the “Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Shares have been subject to a product approval process, which has determined that such Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each, as defined in MiFID II; (ii) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in Chapter 3 of the FCA Handbook Conduct of Business Sourcebook and (iii) eligible for distribution through all distribution channels as are permitted by the Product Governance Requirements (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Shares may decline and investors could lose all or part of their investment; the Shares offer no guaranteed income and no capital protection; and an investment in the Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Managers will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II or Chapters 9A or 10A respectively of the FCA Handbook Conduct of Business Sourcebook; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Shares in the Offering. Each distributor is responsible for undertaking its own target market assessment in respect of the Shares in the Offering (by either adopting the Target Market Assessment or redefining it under the MiFID II Product Governance Requirements) and determining appropriate distribution channels.
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1 In this announcement, references to HBX Group or the Group are to (i) HBG Limited and its consolidated subsidiaries for any period prior to the implementation of the corporate reorganisation pursuant to which the Group will become the parent company of HBX Group after registration of the Prospectus, and prior to Admission and (ii) HBX Group International plc and its consolidated subsidiaries for any period following the implementation of such corporate reorganisation.