Capital markets: Equity in Spain


Cuatrecasas has acted in some of the most prominent equity capital markets transactions in recent years, acting for both creditors and lenders. Recently, the team advised Banco Santander and CaixaBank as coordinators of the only IPO in Spain in 2020, of Soltec Power. Juan Aguayo heads the practice, and his expertise includes securities offerings and issues, and takeover bids. José Luis Rodríguez and Ignacio Escrivá De Romaní are also central figures in the team. The previously named lawyers are based in Madrid, but the firm has also strengthened its representation across the country by integrating the Bilbao-based boutique firm GBP Legal, including capital markets partner José Ramón Berecibar.

Practice head(s):

Juan Aguayo

Key clients

Banco Santander


Quabit Inmobiliaria

Kensington Capital Acquisition

JB Capital Markets

Home Capital Rentals

Next Point Capital

Vivenio Residencial

Inbest Real Estate


Work highlights

  • Advised Kensington Capital Acquisition on (i) a merger agreement with Wallbox, and (ii) its subsequent admission to trading on the New York Stock Exchange.
  • Acting for Banco Santander and CaixaBank as joint global coordinators of Soltec Power’s initial public offering.
  • Advising JB Capital Markets on the Arteche listing process for the BME Growth.


The ‘first class' team at Garrigues regularly acts in major capital markets transactions in Spain or international matters involving Spanish entities. The practice’s wide-ranging workload covers IPOs, accelerated bookbuilding offers and capital increases. An example of the latter saw Gonzalo García-Fuertes and practice co-head Álvaro López-Jorrín lead advice to IAG on its capital increase by way of a share issuance. Corporate law partner Mónica Martín de Vidales oversees the practice alongside López-Jorrín, while Fernando Vives is praised for his ‘in-depth knowledge' of equity capital markets, and José Luis Palao has a track record in supporting corporates and financial institutions in some of the most significant equity transactions in the market. In a significant development, Leticia Comin joined as partner in February 2021 from the National Securities Market Commission (CNMV).

Practice head(s):

Mónica Martin de Vidales; Álvaro López-Jorrin

Other key lawyers:

Fernando Vives; Jose Luis Palao Iturzaeta; Gonzalo García-Fuertes; Carlos Lozano


‘The team is first class, very accessible and you really work with the partners you initially contract with. The knowledge and experience are first class and the knowledge of the authorities is optimal. The office has a team that is very well related to each other that makes the client feel perfectly assisted.’

‘Fernando Vives; accessible and in-depth knowledge.’

‘Gonzalo García-Fuertes; experience in abundance.’

‘I would highlight Carlos Lozano.’

Key clients

Linea Directa

International Consolidated Airlines Group (IAG)


Aspy Global



Prosegur Cash


Vela Energy

Healthcare Activos

Work highlights

  • Acted for Linea Directa Aseguradora in its listing into BME.
  • Advised IAG on a €2.75bn capital increase.
  • Assisted ASPY Global Services with its IPO and listing in BME Growth.


Linklaters is a standout international firm in Spain when it comes to equity capital markets, where it advises on significant IPOs and block trades and acts for the managers in market-leading capital increases. The team provides a full service in Spanish, US and English law from its Madrid office, and practice co-heads Iñigo Berricano and Federico Briano are both dual qualified in Spain and England and Wales. Jorge Alegre makes up the leadership trio and has acted in numerous transactions for both financial institutions and corporates. The practice heads receive key support from experienced counsel Juan María Lamo and Pablo Medina, who was appointed partner effective May 2022.

Practice head(s):

Jorge Alegre; Íñigo Berrícano; Federico Briano

Other key lawyers:

Pablo Medina; Juan María Lamo


‘The best equity firm in Spain in my opinion, there is no other firm with such a multidisciplinary practice.’

‘Extensive and quality knowledge. I’d highlight Íñigo Berícano, Jorge Alegre and Juan María Lamo.’

Key clients


Eolia Renovables

Saeta Yield

Haya Real Estate






Banco Santander








Morgan Stanley

Uría Menéndez

Uría Menéndez has a significant track record in advising the issuer or underwriter in Spanish IPOs since 2006, earning a reputation as ‘one of the best Spanish equity firms‘. The capital markets team also assists with major equity-raising transactions, including that of Cellnex in 2021 (where it acted for the issuer), and it has a significant market share of tender offers launched in Spain. Javier Redonet co-leads the practice with senior partner Luis de Carlos, with Gabriel Núñez Fernández and ‘excellent professionalAlfonso Ventoso providing equity-side expertise and experience. Enrique Nieto is a standout junior partner in the practice, and Álvaro López is a senior associate to note.

Practice head(s):

Luis de Carlos; Javier Redonet

Other key lawyers:

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


‘Excellent team with very good work and connection with the internal legal team of the company. With great knowledge and experience in the field.’

‘Great team – technically excellent and with very good relations both at an institutional level and with clients. Innovative and commercial team when dealing with possible problems. In my opinion, one of the best Spanish equity firms.’

‘Alfonso Ventoso – excellent professional, close, commercial and tremendously involved in all the operations he carries out.’

‘I’d highlight the quality of all its attorneys.’

‘Each and every one of the attorneys is exceptional.’

Key clients

Cellnex Telecom

Acciona Energía


Millenium Hotels Real Estate I

Soltec Power Holdings


Banco Santander

J Safra Sarasin

Kerry Group



Global Infrastructure Partners



Allen & Overy

Allen & Overy‘s equity capital markets work is coordinated by Fernando Torrente, an expert in M&A and equity transactions with over 30 years of experience advising corporate clients, investment banks and private equity funds. The team assists with IPOs in Spain, follow-on offerings, accelerated bookbuild offerings and takeover bids.

Practice head(s):

Fernando Torrente

Key clients


Banco Santander



Goldman Sachs



Work highlights

  • Advised a group of financial institutions acting as joint global coordinators in the €150m rights issue carried out by Millenium Hotels.
  • Acting for OHL in its restructuring, leading on the equity capital markets aspects of the transaction, which include a rights issue, a private placement and three debt-to-equity capital increases.

Clifford Chance

Clifford Chance fields an experienced capital markets team, which advises on the full range of equity and equity-linked products, including public offerings, rights issues and private placements, among other matters. The team counts major corporates and banks among its client base and also has a notable strength in SOCIMIs. Of counsel Javier García de Enterría is focused on the equity side of things and co-leads the team with experienced partner Yolanda Azanza and the English law qualified Antonio Henríquez.

Practice head(s):

Yolanda Azanza; Javier García de Enterría; Antonio Henríquez

Other key lawyers:

Francisco Pizarro

Gómez-Acebo & Pombo

As it has diversified its capital markets offering over the past decade, Gómez-Acebo & Pombo has focused its equity-side work on renewable energy, SOCIMIs and biotechs, wherein it assists with IPOs, rights offering, equity lines and listings. The practice is headed by Guillermo Guerra, who has led advice on a number of recent capital increases, and Ferran Foix, who leads work from the firm’s London office and has strong experience in cross-border transactions.

Practice head(s):

Guillermo Guerra; Ferran Foix

Other key lawyers:

Augusto Piñel; Santiago Gómez-Acebo; Jacobo Palanca; Iñigo Hernáez


‘Ability to work on a very wide range of products.’

‘Augusto Piñel – outstanding in business skills, technical knowledge, extensive experience which allows him to connect various sources and situations to solve complex problems.’

‘Global vision of the team that moves the company in an agile way.’

‘Closeness and empathy.’

Key clients

Atrys Health

Promotora de Informaciones


Artificial Intelligence Structures


Oryzon Genomics

Facephi Biometría




Work highlights

  • Advised Atrys Health on the launching of a public tender offer over the 100% of the capital structure of Aspy Global Services.
  • Acting for Israeli solar energy company Solaer in its IPO on the Tel Aviv Stock Exchange.


Pérez-Llorca‘s burgeoning capital markets practice has, on the equity side, traditionally been focused on advising top investors and shareholders, but has recently advised on the issuer side on Capital Energy’s IPO and DIA’s share capital increase. The capital markets and corporate law teams are well integrated, with Julio Lujambio in Madrid co-leading alongside Javier Gómez, who relocated to the New York office in February 2021. Pedro Fernández is also frequently involved in equity transactions.

Practice head(s):

Julio Lujambio; Javier Gómez

Other key lawyers:

Pablo González Mosqueira; Pedro Fernández; Borja Gil-Casares; Carlos Mercadal

Key clients


Bank of America

Banco Santander

Santander Consumer Finance


El Corte Inglés

Financiera El Corte Inglés

Mediterráneo Vida de Seguros y Reaseguros (MedVida)

Capital Energy

JZ International



Work highlights

  • Advised Zegona Communications on the negotiation and execution of tendering the shares it owns in Euskaltel, in the framework of a takeover bid launched by Masmovil Ibercom, for a total of €1.9bn.
  • Acted for OHL in the recapitalisation of the OHL group through a progressive reduction of its indebtedness and the strengthening of its capital structure.
  • Advising DIA on its €1.028bn share capital increase and on the refinancing and recapitalisation transaction entered into with its syndicated financial lenders, its majority shareholder and DEA Finance.

Ramón y Cajal Abogados

Andrés Más heads the capital markets practice at Ramón y Cajal Abogados, drawing on his experience advising on multiple national and cross-border transactions, including IPOs, equity offerings on regulated and non-regulated markets, and M&A. The team is particularly active in the real estate, energy and finance sectors, and alongside Más, senior associates Miguel Sánchez and Lucía García Clavería are heavily involved in equity capital markets matters.

Practice head(s):

Andrés Mas

Other key lawyers:

Carlos Lao; Miguel Sánchez; Lucía García


‘It is a proactive team that always seeks different creative solutions to legal issues that arise in operations.’

‘Involvement in operations. Knowledge. Endeavor to find solutions. Quick response.’

Key clients

Inmobiliaria Colonial


Spanish Resolution Agency or Authority (FROB)

Grenergy Renovables

Atom Hoteles

Fomento de Construcciones y Contratas

Ayco Grupo Inmobiliario



Work highlights

  • Advised the FROB, as the main shareholder of Bankia, in its merger with CaixaBank.
  • Acted for Inmobiliaria Colonial in its acquisition of a 13% stake of Société Foncière Lyonnaise from Predica, and in the subsequent launch of a takeover bid for 100% of SFL share capital.
  • Advised Biosearch Life on the €127m takeover bid for all its shares by Kerry Group.

White & Case LLP

The key contacts at White & Case LLP for capital markets matters are Juan Manuel de Remedios and Yoko Takagi, who ‘have a very deep technical knowledge as a result of their great experience'. Cross-border transactions are a particular strength, aided by the dual qualified practice heads (de Remedios in the US and Spain; Takagi in England and Wales and Spain), and sector strengths include energy and infrastructure.

Practice head(s):

Juan Manuel de Remedios

Other key lawyers:

Yoko Takagi


‘Law firm in which its members have excellent knowledge of the market and the legislation and with great prestige for their participation in multiple recent operations.’

‘Juan Manuel de Remedios and Yoko Takagi have a very deep technical knowledge as a result of their great experience in capital markets. They are directly involved in operations with an availability that is not common in prestigious firms.’

Baker McKenzie

Baker McKenzie has strong relationships with investment banks, and acts for the underwriters in IPOs. Its experience in SOCIMIs also stands out. Enrique Carretero leads the team and is an experienced counsel to private and listed companies in a range of transactions. Carlos Martín is the name to note at the associate level.

Practice head(s):

Enrique Carretero

Other key lawyers:

Carlos Martín

Key clients

Banco Santander

JB Capital Markets

JP Morgan

Deutsche Bank

Goldman Sachs

Cemex Latam Holdings


All Iron RE I Socimi


Vía Célere

GVC Gaesco



DLA Piper

DLA Piper‘s capital markets practice is now overseen by broad corporate law expert José María Gil-Robles, supported by capital markets specialist of counsel, Jesús Palencia. This follows the departure of Iñigo Gomez-Jordana in January 2021. The firm has nevertheless continued to field cross-practice teams to assist its clients in capital markets transactions, and its key strengths on the equity side are in capital increases and SOCIMIs.

Practice head(s):

José María Gil-Robles

Other key lawyers:

Jesús Palencia


‘Great knowledge and professionalism.’

Key clients




EDP Renováveis

Azora Gestión SGIIC

Banco Santander



Goldman Sachs & Co.


Clínica Baviera

Société Générale

Altura Markets

Global Dominion Access

Citigroup Global Markets

Avenue Europe International Management

Allianz Real Estate


Inmark Prime

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's equity capital markets sub-group is led by Leopoldo González-Echenique, who brings his professional experience at the Ministry of Economy and Treasury and the Spanish Stock Exchange Commission to handle public offerings and regulatory issues. Senior associate Óscar Cabezuela supports on the range of equity-related work.

Practice head(s):

Leopoldo González-Echenique

Other key lawyers:

Óscar Cabezuela; Pilar García

Work highlights

  • Advised a long-term investor, manager and developer of European warehouse properties in Europe on the issue of shares listed on BME Growth and requirements imposed by market regulation.