TSK is targeting a mid‑May listing in Madrid after launching an offering to raise about €150m through a public subscription of new ordinary shares, advisers said. The float is conditional on CNMV approval and market conditions, with a 15% upsizing option. TSK closed 2025 with roughly €1.03bn of revenue, €99.7m EBITDA and about €32m net profit; advisers place a preliminary valuation at €500m–€600m. The group says proceeds will back the next stage of international growth.

Deal structure and advisers

  • Offering: new ordinary shares targeted at qualified investors to raise roughly €150m, with a 15% upsizing option.
  • Global coordinators: Banco Santander and CaixaBank.
  • Co‑placers: Alantra Capital, Banca March and JB Capital Markets.
  • Additional roles: Santander will act as bank agent; Banca March is advising TSK. Hogan Lovells International is legal counsel to the company; J&A Garrigues advises the placing banks and brokers.

The timetable and final terms remain subject to market conditions and CNMV approval of the prospectus. Company directors ran a multi‑city investor roadshow covering London, Paris, Madrid, Barcelona, Milan, Oslo, Berlin, Helsinki and Stockholm; advisers report substantive institutional interest and a preliminary valuation range of €500m–€600m.

Recent financial performance

  • 2025 group revenue: about €1.03bn.
  • EBITDA: €99.7m, with an expanded EBITDA margin in 2025.
  • Net profit: roughly €32m.
  • Backlog: around €1.29bn (commonly rounded to €1.3bn).
  • Pipeline/exclusivity: preferred‑partner arrangements and projects with an estimated aggregate value in the mid‑€3.6bn range.
  • Headcount and track record: about 1,500 employees and more than 350 projects across 50 countries over the past 15 years.

Use of proceeds and strategic aims

TSK says proceeds will improve financial flexibility, broaden the shareholder base and fund international growth across electrification, digitalisation and decarbonisation. Management told investors the funds will accelerate expansion and support larger multi‑year engineering contracts already in the pipeline. Chief executive Joaquín García Rico described the float as an important milestone that will strengthen stakeholder relationships and back further growth.

Investor appetite and market timing

Advisers report demand from pension funds, infrastructure investors and specialist energy funds attracted to TSK’s recurring work profile and project roster. That interest is balanced against intermittently volatile markets, and the timetable remains contingent on investor demand and CNMV sign‑off.

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"This marks an important milestone for the firm," said Joaquín García Rico, chief executive. The group is targeting a mid‑May debut, subject to CNMV approval and market conditions.

This article was created with AI assistance.