Digi is already working to shape the listing of its subsidiary in Spain, an operation that the company confirmed on November 14. Among the possibilities, the group led by Marius Varzaru contemplates the possibility of giving access to individual investors in the stock market jump planned for 2026, according to several financial sources close to the plans. Digi sources declined to comment.
For Digi, including a retail section in its IPO would represent an additional negotiating advantage in setting the selling price, as it is a brand that is widely known to the general public. This option would increase the base of potential applicants for the company’s shares compared to institutional investors, who are much more professional and have greater negotiating capacity due to the high volumes of investments they make, explain the sources consulted. However, they also add that this is a decision that Digi has not yet made, as the process is still in its early stages and is something that will be decided later.
Including a retail section in an IPO, however, is not a simple decision and is increasingly less common. After the Bankia IPO scandal, the CNMV heavily controlled processes aimed at unqualified investors. In Spain, only Opdenergy in 2022 (which reserved 4%) and the public company Aena in 2015 (5.71%) provided for a retail tranche. In Europe, Porsche included a 7.7% retail tranche in its IPO in 2022.
But unlike other IPOs, where the company is little known to the general public, Digi can benefit from its brand image. The telecommunications company now has more than 10 million customers, making it the fourth operator in Spain behind MasOrange and Telefónica and just behind Vodafone.
To quickly attract customers, in recent years the company has also made important investments in sponsorships to make its brand as recognizable as possible. In this sense the company has focused on the world of football, which attracts a broad social mass. Digi is one of the main sponsors of Athletic Club de Bilbao, both men’s and women’s, and other football clubs such as Rayo Vallecano, Oviedo, Osasuna de Pamplona, Deportivo Alavés, Real Valladolid, Deportivo de La Coruña, Cádiz and Burgos CF. Previously this was also the case for other teams such as Málaga. It also sponsors other areas such as eSports league teams. In addition to sponsorships, the company implements marketing campaigns in various media, which makes it a very recognizable brand for the general public.
This brand value is something that the sources consulted consider a differential value even in the face of an IPO. In fact, making the brand known is often an effort that companies make before attempting an IPO, precisely to increase the base of potential investors among private individuals.
So far the Romanian company has simply confirmed its intention to list on the stock exchange. “In line with its strategy to improve the capital structure and long-term financial position of its subsidiaries, the group is studying the possibility of carrying out an initial public offering (IPO) of a minority stake in Digi Spain. The group’s decision to carry out such an operation, including the terms and deadlines, will depend on market conditions and other relevant considerations. The group is not currently contemplating any transaction that would involve the loss of control over any of its main subsidiaries, including Digi Spain, and remains focused on initiatives that increase the creation of long-term value of the group worldwide”, stated Digi Communications a few days ago in the relevant fact sent to the Bucharest Stock Exchange (Romania).
Previously, the newspaper Expansion He announced that Digi had hired Rothschild as the company’s financial advisor in this process. It subsequently hired Barclays, Santander and UBS as global equity placement coordinators. The company and its advisors continue to hold talks with other banks that may participate in the IPO. What has emerged so far is that Digi’s plan is to place between 25% and 30% of the capital in an operation that combines a public offering for subscription (OPS) of new shares with a public offering for sale (IPO) of existing securities. It is expected that the IPO could take place in the first months of 2026 with the aim of making the leap to the stock market in the spring of next year.
Going public in Spain has not been an easy task lately. In 2024 there were several failed trials such as Tendam, Europastry, Astara or Volotea. Others like Puig, HBX, Cox or Cirsa have jumped on the stock market in the last year, although they have added losses since the bell rang, despite the upward trend of the markets.
