Ferrovial, a Spanish company that debuted on the Amsterdam Stock Exchange eleven months ago, is set to begin trading in the United States this Thursday. Its shares will be listed on the Nasdaq, 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.
Ferrovial is not alone in its quest for growth opportunities and improved valuations in the US market. Several other Spanish companies, particularly those 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 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, while Spanish companies like Acciona Energía and Repsol are 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 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 similar rights as shares held in Spain. Popular companies like Santander, BBVA
