The year 2021 will be, among other things, the year in which the drought of IPOs in Spain ends. And not only that, but the debuts will even mark a “record” figure. This is how he ventured this Wednesday Rodrigo Buenaventura, president of the National Securities Market Commission (CNMV), during the presentation of the supervisor’s annual plan. ”
“If market conditions do not change, we would be talking about a record year since there are records,” he assured during the telematic presentation of the roadmap. According to him, at least half a dozen companies will debut in the Spanish parks in the first half of the year. “These are companies linked to sustainability and renewable energy,” he specified, with which the supervisor has been working for several months.
If it materializes, it would break a streak of several years of drought in the Spanish markets. In 2020, only Soltec dared to make the leap to the Continuous Market and although there were more movements in the BME Growth segment (a new name for the traditional MAB), the volume of exits in Spain fell by 30%, to 221 million dollars, according to the report IPO Report 2020 the Baker McKenzie.
The other big bet of the CNMV for 2021 are the SPAC (Special Purpose Acquisition Companies, by its name in English). These are non-commercial businesses that are formed solely to raise capital through an initial public offering (IPO) for the purpose of acquiring another existing company. Their existence dates back many years and in the US they are quite established, however, until now they have not begun to be discussed in Spain and the supervisor of the national markets is willing to bet on them.
“We are ready and prepared to process the SPAC projects that may be presented to us,” Buenaventura assured. “The CNMV welcomes these vehicles as an alternative to IPOs” and in recent times has been working intensively with the Government, investment firms, law firms and other actors in the financial world to make them a reality in our country. “We have had the presentation of several projects but they are not yet mature enough,” he said about the proposals received.
Regarding its regulatory fit in Spain, he pointed out that “the ideal would be to make adjustments to the regulations to facilitate their fit into European regulations”.
Crypto asset advertising
On the regulation of advertising on cryptoactive, the president of the CNMV has revealed that last Monday the first meeting was held to start the elaboration of a draft of the circular to control this type of announcements, as the Government has just authorized in the modification of the Market Law of values.
Said draft will be submitted to public consultation and other mandatory procedures and, subsequently, the reports of the Council of State and the CNMV Advisory Committee will be required. “We are already working on it and we will respect the consultation process, which is very important in this area,” he stated.
Buenaventura has recognized the “concern” of the supervisor for cryptocurrencies because they have associated “a series of risks very different from those of financial assets regulated under the regulation of investment and custody services.”
Naturgy and Abengoa
They are also vigilant about the retail investment boom at certain times, especially in the wake of the GameStop case that occurred a few months ago, and the Naturgy takeover bid. In this sense, the president of the CNMV recalled that the agency’s work in the offer presented by the Australian fund IFM to acquire up to 22.69% of the capital of Naturgy It does not involve analyzing the nationality of the investor or the specific company sector, but rather worrying about the “interest of investors”.
Regarding Abengoa’s situation, the CNMV has received “around 45 expressions” of interest to be a bankruptcy administrator for Abengoa, a “record” figure, in Buenaventura’s words.