The Spanish Primafrio will go public in Madrid valued at up to 1,690 million euros

MADRID, Jun 11 (.) – Spain’s Primafrio plans to list a stake on June 24 in a deal that would value the logistics company at up to 1.69 billion euros, the company said late Thursday.

Primafrio will become the third company to debut on the Madrid Stock Exchange this year, after Spanish bank Bankinter spun off its insurance business Línea Directa and green energy firm Econener took its shares public.

The family business Primafrio, a logistics operator specialized in refrigerated products, plans to sell its shares at a price of between 9.30 euros (11.34 dollars) and 12.10 euros, which would value the company at between 1.3 billion euros. euros and 1,690 million euros, as reported in a statement to the stock market regulator.

After three years in which few companies were listed in Madrid, half a dozen firms have announced plans to go public this year.

The energy and infrastructure group Acciona has started the process of segregation and listing of its renewable energy subsidiary in an operation that could value it at 8,000 million euros, according to bank sources.


According to a press release, the initial offer includes taking 25% of the company’s shares on the stock market, plus an over-allotment option or “greenshoe” that can reach an additional 10% on the number of shares offered, with which it would reach a floating capital or “free float” of between 25% and 27.5%.

The shares of Primafrio Corporación will go on the market under the formula of an IPO (public offer for sale, which involves the placement of existing shares in the hands of current shareholders) and is expected to begin trading on June 24 with the code “PRF”.

In 2020 as a whole, Primafrio posted revenues of € 458 million, with a compound annual growth rate of 10.8% since 2018, an EBIT margin (net operating result) of 17.8% and an EBIT of 81 million euros.

(Report by Inti Landauro and Tomas Cobos; edited by Jason Neely, translated by Tomás Cobos)

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