Spanish Infrastructure and Energy Companies Look to Establish US Presence via Wall Street Listings

In the United States, Ferrovial will begin trading its shares on the Nasdaq this Thursday, marking the final step in a roadmap that has not been without controversy. The Del Pino family’s objectives are clear: to increase international visibility and establish a presence in a market that represents nearly 34% of their sales. They aim to be included in indices such as the Nasdaq 100, which would attract international managers and funds.

This move is not unique as other Spanish companies on the Ibex 35, particularly in infrastructure and energy sectors, are also considering listing on Wall Street. While leaving the Spanish Stock Exchange is not being considered, they are exploring options such as dual listing in both markets or spinning off their American businesses. Listing in the US typically results in higher valuations, leading to improved stock prices over time.

Companies like ACS, FCC, and Sacyr have significant operations in the United States. ACS, for example, has three subsidiaries in the country and generates 56% of its sales in the US. FCC’s waste management business accounts for nearly 10% of its sales, and Sacyr recently won a contract to construct and maintain a section of the I-10 highway in Louisiana for 50 years.

In the energy sector, Iberdrola has a listed subsidiary called Avangrid, with a significant valuation. Spanish companies like Acciona Energía and Repsol are also expanding their presence in the US clean energy market. Additionally, other Ibex companies like Acerinox and Fluidra have operations in the US and are exploring the potential benefits of listing on Wall Street.

Several Spanish companies are already listed on Wall Street through American Depositary Receipts (ADRs), which provide access to the same rights as shares held in Spain. Popular companies like Santander, BBVA