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Annual Report 2014 BME

In 2014, the number of IPOs accelerated notably, with

an intensity not seen in the last few years. The revi-

talisation of the initial and secondary public offerings

taking place at worldwide level in the last year is also

happening in Spain. The number of transactions in

Spain in 2014 was equivalent to nearly all the opera-

tions made in the previous three years.

Regarding the flow, the market value of the new

companies was equivalent to 68% of the total of the

companies listed in the previous three years. The

public offering of Merlín Properties, a Spanish REIT,

was one of the biggest in the European real estate

sector. The company raised €1.25 billion. According

to the quarterly reports drafted periodically by Ernst

&Young, in the first nine months of 2014 there were

851 public offerings worldwide, 49% more than in

the same period of the previous year. These transac-

tions amounted to $186.6 billion, i.e. 94% higher. That

report ranked the Spanish stock market as the third

most active in Europe in terms of the value of public

offerings carried out in the first three quarters of 2014.

Using all the capital provision mechanisms provided

in the securities markets, in 2014 the Spanish stock

exchange received new financing flows worth €36.11

billion ($47.37 billion), making it the second-largest

recipient in Europe and the seventh-biggest in the

world, according to the data from the World Federa-

tion of Exchanges (WFE).

In 2014, thirteen new companies were listed. Seven

entered the main market segment: Hispania Activos

Inmobiliarios, Edreams Odigeo, Applus Service,

Logista and the following REITs: Lar España Real

Estate, Merlin Properties and Axia Real Estate. The

other six entered the Alternative Equity Market (MAB):

five in the growth companies segment (Npg Tech-

nology, Facephi Biometria, Only Apartments, Euro-

consult Group and Home Meal Replacements) and

one in the REIT segment (Mercal Inmuebles).

In total, fourteen M&A transactions were made in

the securities market which were either initial or

secondary public offerings or both. The first ones

were four transactions (two with simultaneous IPOs),

one of which was carried out by the listed company

Endesa within the framework of the reorganisa-

tion of the ENEL group. The second ones were ten

transactions plus the two secondary public offerings

(Edreams and Applus). In total, the companies raised

€7.95 billion in these transactions.

Logista Opening Ceremony Bell