Digi promotes its IPO with a capital enhance of as much as 200 million | Companies | EUROtoday

Digi has reaffirmed its roadmap in Spain this Thursday with a double announcement: the launch of a capital enhance of as much as 200 million previous to its eventual itemizing on the inventory market and the explicit rejection of any acquisition provide by Telefónica. Within the framework of his Capital Markets Day held in Madrid, the group’s CEO, Serghei Bulgac, and the top of the subsidiary in Spain, Marius Varzaru, have detailed the monetary plans of the corporate, which is exploring itemizing on the Spanish inventory market with a mixture of a public subscription provide (OPS) and a public sale provide (IPO) for which there’s formally no particular date.

The operation contemplates a capital enhance of between 150 and 200 million euros by the issuance of latest shares. These assets will probably be used solely to finance the formidable progress plans of Digi España, which has not too long ago been separated from the remainder of the group to function independently. This construction seeks to facilitate the subsidiary’s entry to the debt and capital markets.

Although the present volatility as a result of disaster within the Middle East may alter the calendar, the window anticipated by analysts for the inventory market debut is between the tip of April and the tip of May. The firm nonetheless doesn’t affirm any deadline: “There is no specific deadline,” Varzaru stated. In addition, administration doesn’t rule out together with a piece for retail traders.

No intention of sale

In parallel with its soar to the buying and selling ground, Digi needed to clear up any doubts about its continuity as an impartial operator. Given Telefónica’s curiosity in consolidating its place within the nationwide market, Bulgac has been forceful: “There is no reason to sell.”

The operator is dedicated to an natural progress mannequin that has already positioned it because the fourth operator within the nation, with a 13% share in fiber and 12% in cell telephony.

Digi expects to exceed 1,000 million euros in income in Spain on the finish of this 12 months, after having reached 929 million in 2025. To maintain this tempo, the agency has introduced an funding of 400 million euros by 2026, sustaining a capex (investments in belongings) recurring beneath 10% of its turnover. The long-term goal is to achieve 21 million houses with its fiber community by 2030 and deploy as much as 10,000 cell phone antennas by 2033.

To make sure the success of its inventory market debut, Digi has a top-level banking syndicate. Barclays, Santander and UBS will act as world coordinators of the operation, with monetary recommendation from Rothschild. At a second degree, entities corresponding to BNP Paribas and Citi will take part as underwriters. In the authorized part, the corporate is supported by Uría Menéndez, whereas Linklaters advises the collaborating banks.

Although the subsidiary continues to be “burning cash” because of its sturdy funding tempo – with an annualized gross working consequence (ebitda) of round 200 million –, the board hopes to reverse this example and obtain whole profitability from 2029 or 2030, consolidating itself because the quickest rising operator in Europe.

Fourth operator

Varzaru highlighted that Digi has consolidated its place because the fourth nationwide operator after registering historic progress in its cell phase throughout fiscal 12 months 2025. The firm achieved a web enhance of 1.4 million cell traces, which represents its finest annual determine up to now. With this increase, it now reaches a complete of seven.3 million lively traces within the Spanish market.

​In the sector of mounted broadband, the Spanish subsidiary has reached 2.6 million fiber optic prospects after including 0.63 million web additions within the final 12 months. This advance additionally represents a historic file for the entity, permitting it to climb positions till it turns into, as of September 2025, the third operator by variety of fiber shoppers throughout the residential phase in Spain.

Regarding the deployment of its personal infrastructure, the operator presently has 700 operational cell phone antennas within the nationwide territory. The deployment schedule ratified by the administration establishes an formidable growth plan that foresees the switching on of 5,000 antennas earlier than the tip of 2028 and the aforementioned 10,000 operational base stations by 2030.

Managers have emphasised that these working outcomes have positioned Digi because the telecommunications operator with the very best price of progress in income in all of Europe. In monetary phrases, the operator closed the 2025 monetary 12 months with revenues of 929 million euros, which represents a rise of 19% in comparison with the outcomes of the earlier 12 months. Likewise, the profitability of the enterprise was mirrored in an EBITDA adjusted for working leases of 175 million euros. However, the group suffered losses (-33 million euros) because of this funding effort in Spain.