BBVA ECM has participated as Lead Manager in the IPO of the German subsidiary of Telefónica, Telefónica Deutschland. The listing took place in the Frankfurt Stock Exchange. The total value of the equity deal has been very relevant (€ 1,449 Mn) becoming the largest IPO in Germany since 2007 and in Europe so far this year.

The deal was structured through an offering of secondary shares by Telefónica. The free float is estimated at 23.17%.

The deal was announced to the market on October 3rd. The price range of the offer was €5.25 to 6.5 per share and the bookbuilding period was established from 17th to 29th October. That day the books closed, several times oversubscribed, and the final pricing was set at €5.6 per share. October 30th was the first day of trading and the shares jumped by 6.2% in the first two days.

This transaction reinforces the credentials of BBVA in ECM. In 2012, BBVA has been involved in several major equity deals: right issues of UniCredit (€7,499 Mn), Banco Sabadell (€903 Mn), BES (€1,016 Mn) or Peugeot (€999 Mn), the accelerated bookbuilding of Repsol (€1,364 Mn), the IPO of Grupo Financiero Santander Mexico ($4,111 Mn) or the follow-on of Chilean Cencosud ($1,265 Mn) and Mexican Fibra Uno ($701 Mn) or Mexichem ($1,217 Mn). Currently, BBVA is acting as Global Coordinator in the IPO of Cemex Latam Holdings, a wholly-owned subsidiary of Cemex. The IPO is expected to take place in the Colombian Stock Exchange before year-end.