TSK's flotation announcement comes as the conflict in the Middle East has weighed on global financial markets, disrupted logistics, and hampered the supply of raw materials across various sectors, prompting some companies to delay their listing plans.
Romanian telecommunications operator Digi has postponed plans to list its Spanish subsidiary, citing geopolitical instability.
Asturias-based TSK, owned by the Garcia Vallina family, noted that the offering remains subject to market conditions and approval from the CNMV, the Spanish market regulator.
The IPO plans were previously reported by the Spanish newspaper Expansion, which indicated that the company aimed to list on Spain's main exchange in May. The company did not confirm the specific timeline.
Expansion noted that the Garcia Vallina family would retain control, with the final free float not expected to exceed 50%, depending on investor demand.
The market regulator is expected to approve the prospectus around May 5, with publication likely on May 7 and the start of trading scheduled for the week of May 11, according to Expansion.
TSK reported that 2025 revenues reached 1.035 billion euros, while earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 37% to 99.7 million euros, and net profit increased 64.3% to 32 million euros. It stated that the IPO proceeds would help fund organic growth in Europe, North America, and the Middle East.
Santander and CaixaBank are acting as global coordinators, with Banca March as bookrunner, while Alantra and JB Capital have joined the banking syndicate, Expansion reported.
(1 dollar = 0.8558 euros)
(Reporting by Marta Serafinko and Mireia Merino; editing by Susan Fenton and Jane Merriman; Spanish editing by Paula Villalba)
