Capital markets: Equity in Spain


A popular destination for large companies and controlling shareholders, Cuatrecasas is home to a multidisciplinary capital markets practice with a deep bench of ECM experts, covering IPOs on the Madrid Stock Exchange and BME Growth, secondary offerings, delistings and capital increases. The group is also noted for its significant experience in public M&A and corporate governance issues concerning listed companies. The well-rounded department is led by a capable duo based in Madrid: corporate governance and ECM specialist Juan Aguayo, the trusted adviser to several Spanish listed companies; and José Luis Rodríguez, who boasts a strong track record in the listing of companies on the Spanish securities market and BME Growth. In the same office, Ignacio Escrivá De Romaní has been especially active advising on share capital increases and listings on the Spanish alternative stock market. Gerard Correig, another name to note for capital markets transactions and corporate governance, splits his time between Barcelona and Santiago (Chile). Pere Kirchner in Barcelona is a reference for M&A involving publicly-held companies.

Practice head(s):

Juan Aguayo; José Luis Rodríguez

Other key lawyers:

Gerard Correig; Ignacio Escrivá de Romaní; Pere Kirchner; Roger Freixes

Key clients

Adriano Care Socimi


Atrys Health

Catalana Occidente

Cementos Molins

CIE Automotive


Faes Farma


Virtualware 2007

Work highlights

  • Advising Aplicaciones y Tratamientos de Sistemas on its admission to listing on the BME Growth market on the design of its corporate governance system.
  • Advising Virtualware 2007 on corporate governance issues and on adapting its internal legal regulations for its listing on the Euronext Paris.


Singled out for its ‘in-depth knowledge of regulations and contact with the CNMV’ (the Spanish National Securities Market Commission), Garrigues is well placed to advise on the gamut of equity capital market transactions, which often include novel and first-of-a-kind structures. Despite the slowdown in activity in the ECM space over the past couple of years, the team has remained busy advising financial institutions and major corporates on IPOs and listings on BME Growth, bookbuild offerings, repurchase programmes, and public M&A. Àlvaro López-Jorrín has considerable experience in the issuance of both equity and fixed-income securities. Gonzálo García-Fuertes is the primary contact in the team for big-ticket IPOs, while Leticia Comin, who previously served as chief of staff to the president of the CNMV, is often engaged in capital raising processes and corporate governance matters involving listed companies.

Practice head(s):

Mónica Martín de Vidales; Álvaro López-Jorrín

Other key lawyers:

Gonzalo García-Fuertes; Leticia Comin; Fernando Vives; José Luis Palao; Naiara Bueno


‘Garrigues has an excellent team, with extensive experience and full availability.’

‘Its best quality is the combination of technical quality, availability, and closeness.’

‘Garrigues is a multidisciplinary firm, recognised for its excellence and experience in various legal areas. His team stands out for the quality of their work, their knowledge, as well as their close relationship with the in-house lawyer.’

‘The lawyers are characterised by their deep legal knowledge, close treatment with the in-house lawyers, full availability, and quality of advice.’

‘Stands out for its in-depth knowledge of regulations and contact with the CNMV.’

‘Very prepared team; well-informed to offer comprehensive advice and follow-ups.’

Key clients

Linea Directa




Axon Partners

International Consolidated Airlines




Banco Sabadell


Among the best law firms in Spain‘ for capital markets matters, Linklaters manages a busy ECM workload where big-ticket IPOs feature alongside accelerated bookbuild offerings, rights issues, and capital increases. Capital markets group head Jorge Alegre brings together expertise in equity and debt offerings, and on the ECM side, has recently advised on a number of prospective IPOs. Iñigo Berricano specialises in capital markets and corporate governance, while English law partner Federico Briano is particularly recommended for equity-linked transactions. Pablo Medina acts for sponsors, corporates, and investment banks in equity offerings and M&A deals with a capital markets component. Counsel Juan María Lamo is also part of the core capital markets team, assisting with both ECM and DCM matters.

Practice head(s):

Jorge Alegre; Íñigo Berrícano; Federico Briano; Pablo Medina

Other key lawyers:

Juan María Lamo


‘An extraordinary firm that brings together all disciplines at a very high level. It is among the best law firms in Spain.’

‘Iñigo Berricano is probably one of the best lawyers in Spain for capital markets issues. Excellent technical training, knowledge, experience, and accessibility.’

‘Linklaters offers a completely holistic coverage of the different areas it operates in. This efficiency helps both banks and issuing clients.’

‘The firm stands out for its proximity and availability to help with any questions that may arise. Outstanding partners include Iñigo Berricano and Pablo Medina.’

‘Excellent team.’

‘Iñigo Berricano, Jorge Alegre and Juan María Lamo stand out for the quality of their legal advice and talent. Adequate and capable resources and professionals.’

Key clients

Banco Santander

Banco Sabadell



Cellnex Telecom



Red Eléctrica Corporación






Uría Menéndez

Housing a team of ‘proficient and knowledgeable’ capital markets experts, Uría Menéndez is well-known for its broad service offering, which encompasses IPOs, follow-on offerings, rights issues, accelerated bookbuild offerings, delistings and equity-linked instruments. Showcasing a stellar track record in some of the biggest IPOs and equity raisings in the country’s history, the group, which is retained by both issuers and underwriters, stands out for its cross-border capabilities and strong credentials in public M&A. Specialised in finance, corporate, and securities law, practice leader Javier Redonet has a longstanding reputation in the market, advising on IPOs, offers of shares, and corporate governance issues. Other ‘outstanding partners‘ include Gabriel Núñez Fernández, who handles a mix of capital markets, public M&A, banking and finance, and corporate governance work, while Enrique Nieto, who is noted for his expertise in stock exchange listings and Spanish real estate investment trusts(SOCIMIs)-related matters. Alfonso Ventoso focuses on ECM deals and corporate governance, which are also core areas of activity for senior associate Álvaro López.

Practice head(s):

Javier Redonet

Other key lawyers:

Gabriel Núñez Fernández; Alfonso Ventoso; Enrique Nieto; Álvaro López; Beatriz Camilleri


‘Proficient and knowledgeable individuals.’

‘Availability, professionalism, transparency, and compliance with agreed deadlines. There is always the will to find the best solution for the client, being aware of the risks that each recommendation entails.’

‘As outstanding partners I would highlight Gabriel Núñez and Enrique Nieto. The differences with respect to their competitors is the peace of mind of knowing that they have experience in the matters you instruct them in, because they have done it many times before, and good relations with official organisations. They will always advise on the best alternative for the client without taking unnecessary risks.’

‘The internal knowledge of the CNMV and the quasi-monopoly of the public offering prospectuses of national issuers is key.’

‘The key element is the team’s practical sense when solving problems.’

Key clients


Siemens Gamesa Renewable Energy

Cemex España

Morgan Stanley

Citigroup Global Markets

Banco Santander

Emperador Properties




Técnicas Reunidas



Work highlights

  • Advised Ferrovial and Ferrovial International on its reverse cross-border merger and the admission to trading of the shares of Ferrovial International on the Spanish stock exchanges and Euronext Amsterdam.
  • Advised the joint global coordinators and joint bookrunners of the concurrent accelerated primary bookbuild offerings by EDP – Energias de Portugal, S.A. and EDP – Renovaveis, S.A.
  • Assisted Almirall in its €200m accelerated primary bookbuild offerings partially underwritten by the company’s controlling shareholder, the Gallardo family.

Baker McKenzie

Noted for its ‘knowledge, experience, and professionalism’, Baker McKenzie‘s capital markets team in Spain attracts instructions from a varied client roster comprised of issuers, managers, and financial entities. The group was reinforced by the July 2023 arrival of Fernando Torrente, a former A&O Shearman partner, who brings over three decades of experience in ECM matters, ranging from IPOs, to follow-on capital offerings, corporate governance, and public M&A. Carlos Martín, ‘a top-level professional with very high technical skills‘ who was elevated to the partnership in the same month, is proficient in capital increases, IPOs, and M&A involving listed companies.

Practice head(s):

Fernando Torrente

Other key lawyers:

Carlos Martín; Enrique Carretero


‘The team stands out for its knowledge, experience, and professionalism.’

‘Carlos Martín, our main contact at the firm, is a top-level professional with very high technical skills. An outstanding professional in all aspects.’

Key clients

Minor International Company Limited

MASPV Energy Group


Work highlights

  • Advised Minor International Company Limited on the de-listing of NH Hotel Group, S.A. and all capital markets aspects of its further acquisitions of shares of NH in the Spanish Stock Exchange.
  • Advising MASPV Energy on its ongoing process of capital raising and upcoming listing on Nasdaq by way of an initial public offering of new shares.

Clifford Chance

Clifford Chance possesses ‘extensive knowledge and experience in capital markets transactions‘, including the full range of equity and equity-linked products, from IPOs to rights issues, private placements, and delistings. Financial institutions and major Spanish corporates regularly seek the team’s advice on cross-border transactions and innovative structures. Working in close collaboration with the firm’s tax and real estate specialists, the team is also well versed in SOCIMIs (Spanish real estate investment trusts)-related capital markets matters. Eduardo García heads up the global financial markets practice, where Javier García de Enterría and senior associate Francisco Pizarro are names to note for ECM deals.

Practice head(s):

Eduardo García

Other key lawyers:

Javier García de Enterría; Francisco Pizarro


‘The Clifford Chance team has extensive knowledge and experience in capital markets transactions, providing innovative and effective solutions. The relationship with the client is one of its strong points. Without a doubt, it is one of the great references in the Spanish market.’

‘The extensive experience in relevant transactions gives them a very in-depth knowledge of this space, which is of great help to our day-to-day operations. They propose innovative and useful ideas as well as already tested structures that work.’

Key clients

Cellnex Telecom





Mansfield Invests SOCIMI

Work highlights

  • Advised an international banking syndicate on the €9.4bn initial public offering of Porsche AG on the Frankfurt Stock Exchange.
  • Advised Cellnex on a capital increase of €1.352m, which was fully subscribed by CK Hutchison and implied the issuance of 27,147,651 million shares which started trading on the Spanish Stock Exchanges on 11 November 2022.
  • Advised the managers on the English and Spanish law issues concerning the issue by Redeia (Red Eléctrica Corporación, S.A.) of €500m 5.5 Year Non-Call Undated Deeply Subsordinated Reset Rate Securities.

Gómez-Acebo & Pombo

Singled out for its ‘strong technical knowledge‘ and availability, the capital markets team at Gómez-Acebo & Pombo is well-positioned to advise on an array of domestic and cross-border ECM transactions, with a particular emphasis on the telecoms sector. Typical instructions include IPOs on BME Growth, public offerings, capital increases. and takeovers of listed companies. Splitting his time between Madrid and London, Ferran Foix is best known for his restructuring and refinancing expertise; he jointly heads up the capital markets practice with Madrid-based Guillermo Guerra, a key contact for IBEX-35 companies in relation to corporate governance issues. Jacobo Palanca stands out at associate level for his involvement in ECM deals, including IPOs and capital increases, and corporate governance.

Practice head(s):

Guillermo Guerra; Ferran Foix

Other key lawyers:

Augusto Piñel; Jacobo Palanca


‘The team has strong technical knowledge and is always available.’

‘Standout partners are Ferran Foix and Guillermo Guerra Martin. Associate Jacobo Palanca is also recommended. They are always available, and they have a high degree of technical knowledge.’

Key clients

Atrys Health




Oryzon Genomics

Facephi Biometría




Deutsche Bank Aktiengesellschaft

Laurion Alternative Deposits, Laurion Am

J.P. Morgan Asset Management

Pepper Spanish Servicing

PGIM/Pricoa Private Capital (Prudential Group)

Técnicas Reunidas

EBN Banco De Negocios

Grupo Sampol Ingeniería

Work highlights

  • Assisted FACEPHI in matters related with the conversion of equity warrants.
  • Advised the underwriters on Hannun’s IPO on the BME Growth segment of the market.
  • Advised Solventis, as creditor, on Seresco’s IPO on the BME Growth segment of the market.


Though traditionally a prime destination for top investors and shareholders, Pérez-Llorca is increasingly retained by major issuers seeking legal support in a wide range of security offerings. Public offerings, listings on the Spanish stock exchange and the alternative stock market, rights issues, as well as equity-linked products are all key areas of expertise for the practice, which also boasts a strong track record in M&A involving listed companies and corporate governance matters. Teresa Méndez, a seasoned practitioner in public and private M&A, ECM transactions and corporate governance, joined from A&O Shearman in January 2023. Other key individuals include Julio Lujambio, who brings together expertise in M&A, private equity, capital markets and corporate governance, and Javier Gómez, the firm’s resident partner in New York.

Practice head(s):

Teresa Méndez

Other key lawyers:

Julio Lujambio; Javier Gómez


‘Very knowledgeable and supportive, they have been able to overcome all the issues that we encountered with great commercial awareness. Very reactive in actioning relevant practice when the scope of work would require it (e.g. different topics, different jurisdictions).’

Key clients



Deutsche Bank

Banco Santander / Santander Consumer Finance

Fútbol Club Barcelona

Deva Capital

Mediterráneo Vida de Seguros y Reaseguros (MedVida)

Capital Energy

JZ International



Work highlights

  • Advised MFE-MEDIAFOREUROPE N.V. (MFE) on the admission of its Class A ordinary shares to listing on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia.

Ramón y Cajal Abogados

The small but robust standalone capital markets team at Ramón y Cajal Abogados is skilled in the entire spectrum of transactional and regulatory matters. On the ECM front, the group most notably acts for IBEX 35-listed companies, banks, and underwriters in IPOs on BME Growth, follow-on offerings, private placements, and capital increases. Public M&A is another core area of focus for the team, which is jointly led by Carlos Lao, a seasoned capital markets practitioner with extensive experience in cross-border deals, and Lucía García Clavería, a name to note for IPOs, secondary offerings, listings, public M&A and corporate governance.

Practice head(s):

Carlos Lao; Lucía García Clavería

Key clients

Inmobiliaria Colonial




Canadian Solar

Grupo Amper


Work highlights

  • Advised Montepino Logística on its IPO listing on Euronext Access Paris.
  • Advised Grenergy Renovables on a €90m share capital increase through a 144A/Reg. S accelerated bookbuild offering conducted by Citigroup, CaixaBank, Berenberg and RBC directed to qualified domestic and foreign investors in Europe and the US.
  • Acted for Repsol Impacto Social (a wholly-owned SPV of Fundación Repsol) as promoter and adviser to Portobello Carbono Verde SCR, a €100m regulated venture capital company (sociedad de capital riesgo) registered in the CNMV.