Capital markets: Equity in Spain


Based across the firm’s offices in Madrid, Barcelona and Bilbao, the equity capital markets team at Cuatrecasas has a broad practice spanning IPOs (especially on the BME Growth segment of the market), delistings and capital increase. The team is also active in public M&A involving Spanish listed companies, including takeover bids. Clients include SMEs, Spanish real estate investment trusts (Socimis) and Ibex 35-listed companies. Juan Aguayo, who also has extensive expertise in corporate governance, leads the team with José Luis Rodríguez, whose experience includes company flotations and takeover bids. Ignacio Escrivá De Romaní is another notable contact in Madrid, while Pere Kirchner and Gerard Correig are the key names in the Barcelona office.

Practice head(s):

Juan Aguayo; José Luis Rodríguez

Other key lawyers:

Pere Kirchner; Ignacio Escrivá de Romaní; Gerard Correig; Roger Freixes; Jose Ramón Berecibar

Key clients









Work highlights

  • Advising the vendor shareholders of Solarpack’s share control package on the voluntary takeover offer launched by EQT Infrastructure for €881m.
  • Advising Solar Profit on its inclusion in the Spanish BME Growth market.
  • Advising Vivenio Residencial Socimi on a capital increase by issuing 79m new shares for €101m.


Highlighted for its ‘mastery of this practice area‘, the Garrigues team in Madrid and Barcelona is highly active in advising on major IPOs on Bolsa de Madrid (BME), the BME Growth segment of the market and Euronext, particularly standing out for its advice to real estate and renewable energy companies. The team is also experienced in capital increases (including accelerated bookbuilds), share repurchase programmes and complex transactions involving special purpose acquisition companies (SPAC). Mónica Martín De Vidales and Álvaro López-Jorrin jointly head the practice, while other key contacts include managing partner Fernando Vives, who advises a number of major Spanish listed companies on corporate governance issues, Gonzálo García-Fuertes, who has extensive experience advising on IPOs, José Luis Palao and Barcelona-based Naiara Bueno, who is active in the listing and delisting of companies on the Spanish alternative market.

Practice head(s):

Mónica Martin de Vidales; Álvaro López-Jorrín

Other key lawyers:

Fernando Vives; Gonzálo García-Fuertes; José Luis Palao; Naiara Bueno


‘It is a very accessible team that is very easy to work with.’

‘The team is made up of highly driven lawyers with a mastery of this practice area.’

‘Good knowledge, a very high level of availability and good, tailor-made advice.’

‘Gonzalo García-Fuertes is a very strong lawyer and has great knowledge and skills. He works in a fast and agile manner.’

Key clients

Linea Directa

International Consolidated Airlines (IAG)




Prosegur Cash


Solar Profit

MAB Student Properties

edreams Odigeo

Work highlights

  • Advised Arteche on its IPO on the BME Growth segment of the BME MTF Equity market, which included an offer of shares developed by Banco Santander, Norbolsa and JB Capital Markets.
  • Advised Linea Directa Aseguradora on its listing on Bolsa de Madrid (BME), the first transaction of the type since 2011.
  • Advised Parlem on its IPO on the BME Growth segment of the BME MTF Equity market, which included an offer of new shares developed by GVC Gaesco, Andbank and Banco Sabadell.


The ‘unmatched‘ equity capital markets team at Linklaters has extensive experience of advising on IPOs on the Madrid stock exchange and BME Growth segment of the market, acting for several renewable energy companies. The practice also has notable strength in capital increases and accelerated bookbuild offerings, and in block trade sales of shares. Jorge Alegre leads the capital markets department and has been active in advising on a number of recent IPOs, Iñigo Berricano, who is described as ‘one of the best in Europe‘ for equity capital markets transactions, heads the firm’s finance division for continental Europe, English law partner Federico Briano has a strong international capital markets practice, and Pablo Medina, who was promoted to partner in May 2022, is also noted for his expertise in IPOs, rights issues and block trades. Counsel Juan María Lamo is another key contact.

Practice head(s):

Jorge Alegre; Iñigo Berrícano; Federico Briano; Pablo Medina

Other key lawyers:

Juan María Lamo; Álvaro Albors; Cristina Yanguas


‘The best ECM team on the market by far thanks to their knowledge, experience, good relationships with clients, out-of-the-box thinking, partner availability and commercial approach.’

‘The team that Linklaters has is unmatched by any other. Iñigo Berrícano is the best partner in Spain (and probably one of the best in Europe) in ECM – his presence is a guarantee of success in a transaction. But the fact is that the team next to him is like bringing together all the top swordsmen in the same team. Jorge Alegre, Federico Briano and Pablo Medina give you the absolute peace of mind of knowing that you are working with the best of the best, not only for knowledge and experience, but for their level of involvement, business management, business orientation, and efficient and decisive attitude.’

‘Jorge Alegre, Pablo Medina, Cristina Yanguas and Álvaro Albors are excellent lawyers, who are focused on obtaining the best results for their clients and have a great capacity to react to changes in the transaction operation and in a complex business environment. They have also shown a great ability to work closely and easily together as a team.’

‘A team with multidisciplinary capabilities and market knowledge. They stand out for their efficiency and management of complex structures.’

‘Quality and excellence together with proper business management. A single office compared to the dual structure of competitors that combines national and international offices, which means increased savings and efficiency for clients.’

Uría Menéndez

Counting a number of Ibex 35-listed companies among its clients, Uría Menéndez has an impressive track record of advising on major Spanish IPOs and follow-on equity offerings. The team has recently been highly active in assisting with tender offers, as well as rights issues, accelerated bookbuild offerings, share buyback programmes and delistings, with extensive experience of advising clients in the real estate, hospitality, life sciences and energy sectors. Firm chairman Luis De Carlos leads the team alongside Javier Redonet, whose practice spans IPOs, rights issues and tender offers. Gabriel Núñez Fernández, who is highlighted for his ‘vast expertise‘ in equity capital markets transactions, Alfonso Ventoso, an expert in listings and delistings, public offerings and block trades, Enrique Nieto and ‘excellent‘ senior associate Álvaro López are also names to note.

Practice head(s):

Luis de Carlos; Javier Redonet

Other key lawyers:

Gabriel Núñez Fernández; Alfonso Ventoso; Marta Ríos; Enrique Nieto; Álvaro López


‘Gabriel Nuñez is our main contact at Uria Menendez and has vast expertise in the field of equity capital markets. He is also able to connect us with the firm’s finance and commercial departments when necessary. He stands out for his kindness and assistance in always finding a solution.’

‘Gabriel Nuñez and Álvaro López are excellent and intelligent in what they do. They have vast experience and they always want to get the best for our company; they are true partners in helping us meet our goals.’

Key clients

Otis Worldwide Corporation

Banco Santander



Millenium Hospitality Real Estate

Norbel Inversiones

Laboratorios Farmacéuticos Rovi

NH Hotel Group


eDreams ODIGEO

Neinor Homes

Ibi Lion SOCIMI, S.A.

Deutsche Finance International


Work highlights

  • Advised Otis Worldwide Corporation on its tender offer over all the issued shares of Zardoya Otis, S.A., including advising on the financing of the offer.
  • Advised Metrovacesa in connection with FCC’s partial voluntary tender offer over 24% of its shares.
  • Advised Millenium Hospitality Real Estate I SOCIMI, S.A. on its €156m non pre-emptive share capital increase.

Allen & Overy

The ‘very strong‘ equity capital markets team at Allen & Overy is highly experienced in IPOs and secondary offerings, rights issues and private placements; its expertise in complex transactions includes recently advising on the first SPAC listed on a European market with a Spanish sponsor. Clients include Spanish and international banks and financial institutions. Former practice head Fernando Torrente left the firm in July 2023.


‘A very strong firm with an international presence.’

‘Attorneys with excellent technical training and experience.’

Key clients

AZ Capital

STJ Advisors








Work highlights

  • Advised AZ Capital and STJ Advisors, as sponsors, on the IPO of SPAC Spear Investments I, B.V. on Euronext Amsterdam.
  • Advised OHL on the equity capital markets aspects of its restructuring, including a rights issue, a private placement and three debt-to-equity capital increases.

Baker McKenzie

Baker McKenzie‘s ‘excellent‘ equity capital markets team has experience advising on IPOs and secondary rights offerings, capital increases (including by way of accelerated bookbuild offerings) and public acquisitions, and is able to handle cross-border transactions with the support of the firm’s international offices. The team acts for numerous leading financial institutions and is also noted for its expertise in advising companies in the real estate sector. Enrique Carretero leads the practice and associate Carlos Martín stands out for his experience in domestic and international transactions. Fernando Torrente joined from Allen & Overy in July 2023.

Practice head(s):

Enrique Carretero

Other key lawyers:

Carlos Martín


‘An excellent team with extraordinary technical training. Unbeatable value for money.’

‘The lawyers are totally available and their treatment of clients is impeccable. Carlos Martin really stands out.’

Key clients

JP Morgan

Deutsche Bank

Goldman Sachs

Banco Santander

Société Générale

Solventis, A.V., S.A.

Vía Célere Desarrollos Inmobiliarios, S.A.

Transcom Worldwide AB

Bondholders, S.L.

Credit Suisse

Andbank, S.A.

Alquiber Quality, S.A

All Iron RE Socimi

Work highlights

  • Advised Banco Santander (as global coordinator) and Andbank, S.A. (as bookrunner) on the €64.5m rights offering of Spanish REIT All Iron RE I SOCIMI, S.A.

Clifford Chance

Clifford Chance‘s equity capital markets team has a strong track record of advising on IPOs and rights issues, private placements, delistings and share capital increases (including by means of accelerated bookbuild offerings), with experience in cross-border transactions. The team also frequently works alongside the firm’s tax and real estate departments to advise on the listing and delisting of Socimis. Eduardo García leads the global financial markets practice, while consultant Javier García de Enterría, who is noted for his ‘great technical knowledge’, is another key contact. Yolanda Azanza is no longer at the firm.

Practice head(s):

Eduardo García

Other key lawyers:

Javier García de Enterría; Francisco Pizarro


‘The team has great flexibility and response times, as well as always being available. In addition, the team has direct access to the regulator and other actors related to the capital markets, which is very helpful as it facilitates certain aspects of very complex transactions.’

‘Javier García de Enterría has a great technical knowledge and great negotiating skills, and is fully involved in the matters he is responsible for, with a prestigious reputation that is recognised by other lawyers in the market.’

Key clients





Grupo Ezentis

HSBC Continental Europe

P3 Spain Logistic Parks SOCIMI

Allianz Real Estate


Hadley Investment SOCIMI

Work highlights

  • Advising Centrais Elétricas Brasileiras S.A. (Eletrobras), Latin America’s largest utility, as issuer in connection with its international offering and placement of its common shares outside Brazil.
  • Advising Citigroup and others on the share capital increase by means of an accelerated bookbuild offering with the exclusion of pre-emption rights of Grenergy Renovables.

Gómez-Acebo & Pombo

The ‘excellent‘ team at Gómez-Acebo & Pombo has been active in advising on IPOs on the Spanish and international stock exchanges, as well as capital increases, with an emphasis on advising renewable energy and biotech companies and Socimis. The team also frequently handles public takeovers of listed companies. Guillermo Guerra, who has a strong track record of advising on domestic IPOs and tender offers, leads the practice with London managing partner Ferran Foix, who is experienced in international capital markets transactions. Augusto Piñel is also noted for his advice on equity capital markets transactions with a focus on the biotech sector.

Practice head(s):

Guillermo Guerra; Ferran Foix

Other key lawyers:

Augusto Piñel; Santiago Gómez-Acebo; Jacobo Palanca


‘An excellent team with a high level of training.’

‘Extraordinary technical training, knowledge and experience. Guillermo Guerra is without a doubt a stand-out partner.’

‘They know how to put themselves in the client’s shoes. They stand out for their empathy and personal relationships with clients.’

Key clients

Atrys Health

Promotora de Informaciones, S.A. (Prisa)

Solaer Ltd.

Artificial Intelligence Structures, S.A.


Oryzon Genomics, S.A.

Facephi Biometría, S.A.




Técnicas Reunidas

EiDF Solar

Work highlights

  • Advised Fundación Bancaria Ibercaja on the sale of 35% of the capital share of Ibercaja Banco in the framework of an IPO.
  • Advised Zardoya Otis on the takeover bid launched by the parent company, Otis Group, for the 49.99% of shares it does not control in its Spanish subsidiary, with the aim of delisting it from the stock exchange.
  • Advised Eidf Solar on its IPO on the BME Growth segment of the market.


Pérez-Llorca stands out for its advice to major investors and shareholders on equity capital markets transactions, although the team also assists issuers, with broad experience which spans IPOs and secondary offerings on the main stock exchange and BME Growth segment, share capital increases, public takeover bids and regulatory issues involving listed companies. Carlos Pérez Dávila leads the practice. Other key contacts in the team include Julio Lujambio, who is highly experienced in IPOs, block trades and public M&A, New York-based Javier Gómez, Pablo González Mosqueira and Pedro Fernández, an expert in rights issues and equity-linked transactions. The team was bolstered with the arrival of Teresa Méndez, who has expertise in takeover bids, IPOs and capital increases, from Allen & Overy in January 2023, and of Yolanda Azanza from Clifford Chance in June 2023.

Practice head(s):

Carlos Pérez Dávila

Other key lawyers:

Julio Lujambio; Javier Gómez; Pablo González Mosqueira; Pedro Fernández; Teresa Méndez; Yolanda Azanza

Key clients



SAPA Placencia



DD3 Acquisition Corp


Work highlights

  • Advised CVC in relation to its 20% stake in Naturgy and the partial takeover bid for this company for an amount of €5.06bn by Australian fund IFM.
  • Advised Zegona Communications, the largest shareholder in Euskaltel, on the irrevocable undertaking through which its fully owned subsidiary, Zegona Limited, committed to tender the shares it owns in Euskaltel in the framework of a voluntary public takeover bid for Euskaltel launched by Masmovil Ibercom.
  • Advised LLYC on the process of the admission to trading of 100% of its shares on the BME Growth segment of BME MTF Equity market, as well as two share capital increases aimed at institutional investors.

Ramón y Cajal Abogados

Ramón y Cajal Abogados has recently been highly active in advising on equity capital markets transactions, including significant recent IPOs on the BME Growth segment of the market. The firm’s wide-ranging practice also covers follow-on share offerings, capital increases (including through accelerated bookbuild offerings), private placements and share buyback programmes, and the team has additional experience in public M&A. Clients include major domestic financial institutions and companies in the real estate and energy sectors in particular. Carlos Lao and Lucía García Clavería, who was promoted to partner in May 2022, lead the team.

Practice head(s):

Carlos Lao; Lucía García Clavería

Key clients

Inmobiliaria Colonial


Liberbank (currently Unicaja Banco)

Atom Hoteles

Grenergy Renovables





Making Science



Canadian Solar

Biosearch Life

Enerside Energía


Bankinter Logística (Montepino)


Work highlights

  • Advised Bankinter Logística (Montepino) on a €250m share public offering registered with the Spanish Securities and Exchange Commission (CNMV).
  • Advised Grenegy Renovables on a capital increase excluding pre-emptive subscription rights for a total effective amount of €90m.
  • Advised Bankinter (as arranger and placement entity) in connection with the private placement and subsequent listing of all of the shares of Umbrella Solar Investment on the BME Growth segment of the BME MTF Equity market, which amounted to approximately €115m.

DLA Piper

DLA Piper has extensive experience in equity capital markets transactions including IPOs and follow-on offerings, rights offerings and listings on international markets, as well as advising on public M&A. Clients include major domestic and international financial institutions and corporations, and the team is particularly active in advising clients in the real estate sector. Of counsel Jesús Palencia, whose practice includes advising on IPOs, rights issues and takeover bids, is the key contact.

Practice head(s):

José María Gil-Robles

Other key lawyers:

Jesús Palencia


‘This practice is unique to us because it meets the requirements we seek when selecting external firms perfectly. In particular, the team have an exceptional level of technical ability combined with complete control over the matter and over the timely execution of the deal. In addition, they are capable of finding quick, creative and effective solutions to problems that may arise during negotiations between the parties and they are impeccable in meeting response times. We work with top-level national and international firms and DLA Piper Spain is a benchmark for us. The main innovations that we have noticed include an improved invoicing procedure and a commitment to diversity.’

Key clients

Ibervalles SOCIMI, S.A.

Iberdrola, S.A.

Atlantia, S.p.A.

Europac, S.A.

EDP Renováveis, S.A.

Azora Gestión SGIIC, S.A.U.

Banco Santander, S.A.

Natixis, S.A.

Repsol, S.A.

Goldman Sachs & Co.

Abengoa, S.A.

Clínica Baviera, S.A.

Société Générale

Altura Markets S.V., S.A.

Global Dominion Access, S.A.

Citigroup Global Markets Limited

Avenue Europe International Management, L.P.

Allianz Real Estate


Inmark Prime SOCIMI S.A.U

Work highlights

  • Advised Allianz Real Estate on its takeover bid for 100% of the shares of ELIX Vintage Residencial SOCIMI, S.A.
  • Advised Ibervalles SOCIMI, S.A. on the acquisition of the entire share capital in Millennium Hotels C220, the owner of a four-star hotel in Madrid, from Millennium Hotels Real Estate I SOCIMI, S.A., a company listed on BME Growth.
  • Advised Allianz Real Estate on share capital increases of €164m and €6.9m in ELIX Vintage Residencial SOCIMI, S.A.