After several days of starts and stops, the deal to go public with 49% of Aena will not take place on November 12, and signs suggest that it will not be final until January of next year as a result of a hiccup in governmental misstep last week.
What was an easily-overlooked step has become a legal requirement now. Therefore, anther public bidding will have to take place to determine what auditor will be in charge of building the bank portfolio for the IPO. Price Waterhouse Cooper (PwC) will likely take this role, even though the accounting firm had the same role for Aena.
Still, the government wants to cover its back and there are no legal problems with the deal. To do this, the proposal is to hold a quick bidding to find a new auditor. Besides this issue, investors will likely shift around, especially the international crowd.
Possible IPO share prices fluctuate widely between 41.5 and 53.5 euros and are elevated compared to other airline IPOs in Europe. Given the current volatility in the markets, these prices probably will not work. The government has not chimed in on the matter, but in January it will be useful to see how its numbers compare to outside expert perspectives. Aena's IPO will be profitable, and it will not fail. In the end, it can be a big play for the Spanish brand.
