In Spain, the IPO of engineering company TSK raised EUR 173 million. In addition, logistics company Andino listed on BME Growth, becoming the first Latin American firm to list on the Spanish market. Overall, more than a dozen companies have listed across SIX exchanges in the first half of the year, reflecting the breadth of sectors and international reach of the markets.
Secondary capital raisings remained a key contributor to market activity.
SIX exchanges have led equity raising volumes in Europe through accelerated bookbuild transactions year-to-date. Notable transactions include the CHF 5 billion block trade in Galderma shares by EQT and its co-investors, as well as Zurich Insurance’s CHF 4 billion capital increase to finance the acquisition of Beazley.
In Spain, CVC Capital Partners raised EUR 3.1 billion through a share placement in Naturgy, while ACS completed a EUR 1.8 billion capital increase to support capital expenditure plans. These transactions underline the importance of secondary markets in enabling issuers to access capital efficiently.
Debt capital markets also showed continued momentum. In Switzerland, issuance activity included large Swiss franc-denominated transactions by international technology companies, alongside significant issuance by corporates, sovereigns, financial institutions, and supranational organizations across multiple currencies.
In Spain, Banco Sabadell repatriated a EUR 20 billion bond program to BME in May, following Banco Santander’s earlier decision to repatriate its core issuance program, which totaled EUR 18 billion in fixed income securities in the previous year.
SIX also continued to support companies preparing for public markets. The latest Swiss IPO Academy program launched in May, offering a six-month curriculum for executives considering a listing. In April, SIX introduced the Provider Hub, a platform designed to connect issuers with trusted service providers across areas such as investor relations, legal advisory, sustainability, and audit.