Travel technology provider HBX Group is planning to float on the Spanish stock exchanges in Barcelona, Bilbao, Madrid and Valencia.
Formerly Hotelbeds Group, the company, which was founded in Mallorca, Spain in 2001, hopes to raise up to €725 million through the issue of new shares, as well as a secondary offering of shares from existing investors including Cinven.
Cinven and Canada Pension Plan Investboard acquired Hotelbeds from TUI Group for approximately €1.2 billion in 2016.
Hotelbeds acquired holiday distribution specialist Tourico in early 2017 followed by bedbank GTA later the same year.
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The funds from the initial public offering will go towards reducing debt and accelerating the company’s growth
"Today marks a significant milestone for HBX Group as we embark on our journey to become a publicly traded company,” said Nicolas Huss, CEO of HBX Group. “The competitive advantages derived from our 23-year track record and the excellence of our technology, data, people and products have enabled us to become a leading all-in-one marketplace for both travel suppliers and customer-facing travel distributors worldwide in a highly fragmented sector. This IPO will help accelerate our growth strategy, strengthen our financial position, and help us continue to innovate in the travel tech industry by connecting distributors and suppliers of hotel, transport and experience providers worldwide, thereby delivering value for all our stakeholders”.
Huss joined HBX Group in mid-2021 with a background in the financial and payments industry. He increased the company’s investment in technology year-over-year and oversaw a technology overhaul.
The company described itself as a global B2B travel tech marketplace which connects more than 250,000 hotels, alongside travel experiences, transfers and car rental, to approximately 60,000 B2C distributors. In 2023, it added fintech and insurance products and services to its portfolio.
HBX Group increased total transaction value by 12% in 2024 and generated revenue of €693 million, it said in a statement on the IPO. Its accommodation business made up 88% of its revenue.