Neinor secures €225mn with record €1.2bn demand to fund the AEDAS Tender Offer acquisition

Neinor secures €225mn with record €1.2bn demand to fund the AEDAS Tender Offer acquisition

Benzinga
June 25, 2025

It has successfully executed an accelerated bookbuild (ABB) with over €1.2bn of demand and c.6x oversubscribed

Neinor Homes sets a new benchmark in the equity capital markets pricing the ABB at a +10% premium to pre-tender offer announcement levels - raising capital at €15.25/share

The capital raise was 100% allocated to top tier institutional investors, increasing Neinor's free float to ~€600 million, a key milestone in enhancing trading depth, index relevance, and long-term investor alignment

MADRID, June 25, 2025 - Neinor Homes ("Neinor", HOME.SM), the leading listed residential property developer in Spain, has successfully launched and completed an accelerated bookbuild offering (ABB), raising €225mn in gross proceeds to fund the tender offer for all the shares of AEDAS Homes ("AEDAS"), a highly accretive and transformational acquisition targeting +20% IRR and +1.8x MOIC.

As part of the offering, Neinor will issue 14,993,750 new ordinary shares at a price of €15.25/sh, representing a premium of +10% pre-tender offer announcement levels as at June 16, 2025.

The new shares are expected to be admitted to trading on the Spanish stock exchanges (BME) on June 26, 2025, start trading on June 27, 2025 and and are expected to settle on June 30, 2025. Following the issuance, Neinor's total number of shares outstanding will increase to 89,962,501 shares and the three largest shareholders, Orion Capital, Stoneshield and ADAR will hold a combined stake of c.60%increasing the free float of the company to c.€600mn.

In this transaction, Banco Santander and J.P. Morgan have acted as Joint Global Coordinators, Citi, Societe Generale and Crédit Agricole ...

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