Spain. The Initial Public Offerings Law Review

Marta Rubio Roa, Alfonso Ventoso del Rincón.

The process of going public in Spain has experienced major changes since the early 2000s, mainly because of the adoption of EU regulations seeking to achieve the European Union’s
economic and monetary integration and, more recently, the creation of a capital markets union. During this process, Spain has applied EU law in a timely manner, achieving full harmonisation of its domestic framework and a competitive position among its European peers.

In this context, and as part of Spain’s own efforts to promote market efficiency while ensuring investors’ protection, Spanish stock exchanges have gained wider international recognition. In the past few years, concerns regarding the domestic political spectrum, along with international developments such as US external policies, Brexit and later the covid-19 pandemic, have taken their toll. From 2016, Spanish listing activity declined in terms of both the number of deals in the main market and the proceeds raised, hitting rock bottom in 2019, with no initial public offerings (IPOs) and only three listings in the Spanish main market.

The outlook remains uncertain in 2022, with only one listing completed in the first semester and an uncertain number of transactions in the pipeline for the second half of the year.

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Otras publicaciones

  • Álvaro López Hernández, Alfonso Ventoso del Rincón. Revista de Derecho del Mercado de Valores, n.º 31, 2022

  • Luis de Carlos Bertrán, Marta Rubio Roa. En Estudios en homenaje al profesor Luis María Cazorla Prieto. T. II. Luis Cazorla González-Serrano (Director), Alejandro Blázquez Lidoy (Coordinador), Pablo Chico de la Cámara (Coordinador), Alberto Palomar Olmeda (Coordinador), José Luis Peña Alonso (Coordinador). Cizur Menor (Navarra): Aranzadi, 2021

  • Marta Rubio Roa, Alfonso Ventoso del Rincón. En The Initial Public Offerings Law Review, 5th ed. Marco Georg Carbonare (Editor). London: Law Business Research, 2021

  • Enrique Nieto Brackelmanns, Marta Rubio Roa. En Actualidad. Mercantil 2021. María Enciso Alonso-Muñumer (Director), Enrique Ortega Burgos (Director), Alberto Emparanza Sobejano (Coordinador), Manuel García-Villarrubia (Coordinador), Plácido Molina Serrano (Coordinador), Eduardo Muñoz del Caz (Coordinador), Álvaro Pascual Morcillo (Coordinador), Federico Pastor Ruiz (Coordinador), Juan Piquer Altarriba (Coordinador). Valencia: Tirant lo Blanch, 2021