It plans to raise €150 million and already has an anchor institutional investor lined up in the shape of Global Portfolio Investments
Romanian telecoms group Digi Communications plans to launch an initial public offering (IPO) of its Spanish subsidiary, Digi Spain, on Spanish stock exchanges in Madrid, Barcelona, Bilbao and Valencia.
The offering will consist of about €150 million in newly issued shares, alongside a secondary sale of existing shares by Digi Romania, the sole shareholder of Digi Spain. This information was disclosed in a filing to the Bucharest Stock Exchange.
Digi Communications says it will retain at least a 75% stake in the Spanish business after the offering. Digi Communications owns and controls Digi Romania.
The Spanish institutional investor, Global Portfolio Investments, has made a binding commitment to invest €100 million as an anchor investor, subject to certain conditions including a maximum equity valuation of €1.7 billion.
Spain’s telecoms market is fiercely competitive, with ongoing price wars, high market saturation and some seismic changes in recent years, most notably a major consolidation, moving from four major operators to three primary players.
They are the incumbent Telefónica, and Vodafone Spain which was acquired by British investment house Zegona Communications May 2024 for €5 billion. MásOrange was formed by the merger of MasMovil and Orange Spain.
Among all this activity, cut-price Digi Spain has made a considerable impact.
As well as Romania and Spain, Digi Communications operates in Italy, Portugal, the UK (acquiring altnet Whyfibre in March) and Belgium. It is incorporated in the Netherlands and is listed on the Bucharest Stock Exchange.
In May, Digi Communications reported a consolidated net loss of €14.5 million in the first three months of 2026 from a net profit of €8.7 million in the previous corresponding period. Its consolidated revenues rose by 10% over the previous year to €582.6 million and its consolidated adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) were up 15% year-on-year to €161.2 million in Q1 of this year.
Since expanding outside Romania, it has seen huge growth due to its super cheap tariffs but is now striving to balance European expansion against local operational challenges. Investors do not appear rattled by the reported loss, for example, with investing.com advising a ‘strong buy’ at the time.
The exact schedule and final offer sizes are subject to market conditions and formal approval of the prospectus by the Spanish National Securities Market Commission.
