Shares in Spanish conglom rise 4% in first day of trading
BARCELONA — Vocento, one of the leading Spanish media congloms, made its stock market debut on Spain’s Ibex 35 bourse, launching a post-issue 18% of its capital.
Shares edged up 4% on their first day of trading, helped by buoyant capital markets and Vocento’s cautious issue price: Euros 15 ($19.1). End of trading Wednesday fixed Vocento’s market value at Euros 1.95 billion ($ 2.49 billion).
Spanish stock markets are continually setting new records. The Ibex 35 has seen nine consecutive weeks of growth, establishing annual earnings of 31.2%, beyond all expectations.
But Vocento faces a tough future as it seeks to diversify from its traditional regional publishing base into content creation.
It currently controls Digital Terrestrial Television channel Net TV, 13% of free-to-air broadcaster Telecinco, and holds majority stakes in Spanish light entertainment leader Europroducciones and one of Spain’s leading TV production houses, Cesar Benitez’s BocaBoca. In June, Vocento bought 60% of film distrib Tripictures.