The causes of this fall have been the lower domestic economic dynamism and the euro zone, according to the BME, the operator of all securities markets and financial systems in Spain, in its summary of the year. This body also refers to structural components such as political instability derived from the change of Government last June.
The report highlights the incorporation this year of companies in the real estate sector and points out the entrance of Metrovacesa to the Stock Exchange on February 6 and that of 17 new socimis to the Mercado Alternativo Bursátil (MAB), until last November. "The outlook for the next few years points to the fact that the incorporation of socimis is maintained by the attractiveness of this figure to channel the investment of the real estate sector," states the BME report.
Metrovacesa delayed its IPO after lowering the minimum price per share from 19.5 euros to 16.5, with a valuation of 2.500 million euros. BBVA and Santander pocketed up to 640 million owing 25.8%. The company's price on the penultimate day of the year this Friday was 11.20 euros, so the shares have lost 32.13% of their value since the company went public. The so-called Árima also postponed her IPO several times. Finally, he did it on October 23rd. It was not a good premiere, since The company left 10% on the first day and their shares were sold at nine euros each compared to the 10 that had been set at their exit. At the close of the trading floor this Friday the shares remained at 9.2 euros per share and ended the year with a price similar to that of its release. Solarpack was the last company that went public this year, on December 5. Their shares rose 10.12% during their first day of quotation in the parquet and got to reach 9.7 euros per title. The actions of Solarpack marked the 9.4 euros this Friday and hardly varied during the session.
Berkeley and AmRest have been the two companies that have entered the stock market through a linsting. Both were already present in the stock markets of other countries. Berkeley starred on July 19 the best debut in the stock market in 18 years. The mining company, which had come to trade in the stock markets of Australia and the United Kingdom, soared 52% on its first trading day. But in the month of August it collapsed on the Stock Exchange and their shares came to lose 78.13% of their value. The company took this bump after the CNMV warned that the price of its shares was an anomaly compared to the other two markets in which it is listed, Australia and the United Kingdom. The company managed to accumulate five sessions falling on the floor after the regulator's warning. Last October 17 it was left 44% in stock market after that Reuters published a government source saying they were not willing to approve the project of the mining company. The shares of the company remained at 0.08 euros at the close of the day of this Friday, so they have lost almost 90% of their value throughout the year.
AmRest, the parent company of companies such as La Tagliatella or Bacoa, debuted on the stock exchange on November 21. Until then, the company had only quoted on the Polish market. The shares of the company reached on its first day in the Spanish stock market a price of 8.76 euros per share and the company was valued at 1,900 euros. This Friday, the price of the shares was 9.9 at the close of the trading floor, so the value of the shares has grown by 9% throughout the year.
Those who backed out
As the BME explains in its report, the unfavorable evolution of the quotes has caused the cancellation or delay of the plans of some companies to go public. The most significant case has been that of Cepsa, which decided on October 15, three days before its release, suspend your entry in the stock market. The sovereign wealth fund of Abu Dhabi, which controls 100% of the company since 2011, said it was backing down because of "the state of the international stock markets." The company stated in a later press release its intention to return to the Stock Exchange, although it did not set a date or deadline to do so.
Testa Residencial, also postponed in May its entry into the market continued due to political instability. The socimi joined the MAB last July with a reference price of 13.90 euros per share and a valuation of 1,833 million. Another company from the real estate sector, Azora, also decided to suspend its entry into the parquet just 48 hours before the bell. "Azora has decided to desist from the offer of subscription of newly issued shares, and consequently, postpone their process of admission to trading on the Spanish Stock Exchanges", according to the note sent by the company to the National Securities Market Commission . The withdrawal of Azota caused that Vía Célere also postponed its release in the parquet. Haya Real Estate is another company in the sector that has also left for 2019 its exit to the stock market.
The textile group Tendam (formerly known as Cortefiel) also announced in June that it resigned to return to the parquet because of the lack of interest of the investors.