On Friday, Iberdrola Renovable´s history at the Ibex 35 will come to an end. Now, the question is which company will replace the green energy powerhouse at the Spanish Equity Index. There will be no candidates´ shortage, especially if we take in consideration the multiples IPOs in the works for several Spanish companies.
Today is the big day for Dia, the chain of supermarkets going public after its spin-off from Carrefour. On July 20th, Bankia and Banca Civica, two new banking companies formed after several Spanish cajas merged, will launch its initial public offering.
It seems that Bankia will have more choices than Dia to become the next Ibex member but will have to wait until next September review to learn about a final decision. It also has more possibilities than Prosegur, the security firm that in other circumstances would have been the perfect candidate.
Thursday is the last day on which the securities from Iberdrola Renovables will be traded. Inmediately after, several Spanish new companies will try to be its replacement at the Ibex. "A few months from now, the picture may vary substantially if we take in consideration the long list of outstanding companies going public, many will have a chance to join the Spanish equity index," Pedro Sastre, from Banca March, confirmed.
According to several industry sources, "is not likely that Ibex will do an exceptional review before September to discuss this matter." So, as it happened with Iberia after its merger with British Airways, the Spanish Equity Index is expected to follow only 34 companies until September, when the Technical Advisory Committee (TAC) will decide which company takes over the current vacancy.
Translated and Edited in English by Jose L. De Haro
