(Adds details, quote)
MADRID May 9 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
"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
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)