UPDATE 1-Shares in Spain's Applus jump 4 pct on stock market debut
(Adds details, quote)
MADRID May 9 (Reuters) - Shares in Spanish industrial testing and inspection services firm Applus rose almost 4 percent on their stock market debut on Friday, the second initial public offering (IPO) in Spain this year after a three-year drought during an economic slump.
Applus raised about 1.1 billion euros ($1.52 billion) from the issue - 300 million euros through from new shares and 800 million euros from the sale of existing shares.
Investment bankers are expecting more Spanish companies to take advantage of a revival in investor interest in the country, which emerged from a two-year recession in the second half of last year.
"Clearly the markets are very supportive (of IPOs). They remain buoyant, they remain conducive to companies coming to market ... the question mark is how long it's going to stay open," said a banker close to the Applus deal.
At 1133 GMT, Applus shares were up 3.8 percent to 15.05 euros per share in Madrid. The blue-chip IBEX-35 index was down 1.2 percent.
Shares had been sold for 14.5 euros each in the IPO, and the market valuation of the firm was 1.9 billion euros based on that price. Previous owner U.S. private equity firm Carlyle retained a stake of about 30 percent.
Barcelona-based Applus has profited from a growing environmental movement and calls for better health and safety standards in the energy industry following disasters such as BP's Gulf of Mexico oil spill in 2010.
($1 = 0.7214 euros) (Reporting by Robert Hetz, additional reporting by Freya Berry in London; Writing by Paul Day; Editing by Pravin Char)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video