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Aedas Homes to launch IPO in Spain worth up to €664M

Aedas Homes will launch an initial public offering on the Madrid Stock Exchange in October through the issue of between 20.9 million and 21.1 million ordinary shares, Property Investor Europe reported, citing a prospectus that the company filed with Spain's National Securities and Exchange Commission.

The shares will be priced within a range of €31.65 to €33.15 apiece and will commence trading Oct. 20, with the IPO to raise up to €664 million if the overallotment option is completely exercised. Should the overallotment not be taken up, the IPO will rake in a maximum of €594 million in gross proceeds for Aedas.

If the IPO is successful, it will mark the second public listing of a Spanish real estate developer in 10 years, following Neinor Homes SA's €100 million IPO on the same bourse in March.

According to the Oct. 9 report, Aedas plans to channel the proceeds from the IPO toward growth opportunities in the pipeline and to fund its expansion, with a target of constructing roughly 3,000 new residential assets annually by 2022, filling the needs brought about by a lack of stock in Spain's housing sector.