(Bloomberg) — Spanish travel technology firm HBX Group is considering announcing plans for an initial public offering as early as next week, people familiar with the matter said, in what could be one of Europe’s first major listings of 2025.
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The group, backed by buyout group Cinven and Canada Pension Plan Investment Board, is preparing an intention to float document that will formally kick off the IPO process in Spain, according to people familiar with the matter, who requested anonymity because the deliberations are private.
HBX may seek a valuation as high as about €5 billion ($5.2 billion), the people said. The share sale could raise around €1 billion or more, depending on investor demand, Bloomberg had previously reported.
No final decision has been made, and aspects including the timing and size of the deal could change, the people said.
Representatives for HBX, Cinven and Canada Pension Plan Investment Board declined to comment.
Cinven and the Canada Pension Plan Investment Board acquired Hotelbeds — as the business was formerly known — from TUI AG for about €1.2 billion in 2016. The company operates a wholesale platform connecting hotels with travel agencies, airlines and tour operators.
Private equity groups are gearing up to take companies public this year as pressure builds to return cash to investors, at a time when stock prices remain high. Blackstone Inc. is working on plans to list Spanish casino operator Cirsa Enterprises as soon as the first half of the year, Bloomberg has reported.
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