Romania’s Digi reportedly plans IPO for Spanish unit valued at EUR 2.5 bln

Romanian telecom operator Digi Communications (BVB: DIGI) plans to list its Spanish subsidiary in an initial public offering (IPO) expected to value the business at around EUR 2.5 billion, Profit.ro reported.

Digi has appointed Barclays, Santander, and UBS as global coordinators for the offering, while Rothschild will act as financial adviser. The IPO is targeted for 2026, with May seen as the earliest listing window, according to Expansión.

The transaction would involve the sale of between 25% and 30% of the subsidiary’s capital, depending on investor demand and the final valuation. Digi said earlier that it does not intend to relinquish control of any of its subsidiaries, including Digi Spain, emphasizing that it is “not currently considering any operation that would lead to the loss of control” over its assets.

Digi Spain has become the fourth-largest telecom operator in the country, behind Telefónica, Masorange, and Vodafone, following several years of rapid expansion. The group’s operations in Spain are valued at roughly EUR 2.5 billion, including both equity and debt.

According to Profit.ro, Digi expects its operating profit in Spain to increase by up to EUR 30 million in the second half of 2025, strengthening its competitive position and putting additional pressure on rivals, particularly Vodafone, in the race for third place in the Spanish telecom market.

Digi’s planned listing would represent one of the largest public offerings by a Romanian-controlled company in recent years and could significantly enhance its visibility on European capital markets. The proceeds are expected to support further investment in network expansion and customer acquisition in Western Europe.

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