Initial public offerings (IPO)

A primary market operation aimed at obtaining funds in the markets. Shares that are offered publicly are generated from a share capital increase. This operation can be carried out by both listed and unlisted companies. In general, in the case of non-listed companies the operation is undertaken for two purposes: to obtain funds and to achieve the diversification in its shareholder base necessary for admission to trading. The basic regulation applicable to these operations is Royal Decree 1310/2005.