A popular destination for large companies and controlling shareholders, Cuatrecasas is home to a multidisciplinary capital markets practice with a deep bench of ECM experts, covering IPOs on the Madrid Stock Exchange and BME Growth, secondary offerings, delistings and capital increases. The group is also noted for its significant experience in public M&A and corporate governance issues concerning listed companies. The well-rounded department is led by a capable duo based in Madrid: corporate governance and ECM specialist Juan Aguayo, the trusted adviser to several Spanish listed companies; and José Luis Rodríguez, who boasts a strong track record in the listing of companies on the Spanish securities market and BME Growth. In the same office, Ignacio Escrivá De Romaní has been especially active advising on share capital increases and listings on the Spanish alternative stock market. Gerard Correig, another name to note for capital markets transactions and corporate governance, splits his time between Barcelona and Santiago (Chile). Pere Kirchner in Barcelona is a reference for M&A involving publicly-held companies.

Singled out for its ‘in-depth knowledge of regulations and contact with the CNMV’ (the Spanish National Securities Market Commission), Garrigues is well placed to advise on the gamut of equity capital market transactions, which often include novel and first-of-a-kind structures. Despite the slowdown in activity in the ECM space over the past couple of years, the team has remained busy advising financial institutions and major corporates on IPOs and listings on BME Growth, bookbuild offerings, repurchase programmes, and public M&A. Àlvaro López-Jorrín has considerable experience in the issuance of both equity and fixed-income securities. Gonzálo García-Fuertes is the primary contact in the team for big-ticket IPOs, while Leticia Comin, who previously served as chief of staff to the president of the CNMV, is often engaged in capital raising processes and corporate governance matters involving listed companies.

‘Among the best law firms in Spain‘ for capital markets matters, Linklaters manages a busy ECM workload where big-ticket IPOs feature alongside accelerated bookbuild offerings, rights issues, and capital increases. Capital markets group head Jorge Alegre brings together expertise in equity and debt offerings, and on the ECM side, has recently advised on a number of prospective IPOs. English law partner Federico Briano is particularly recommended for equity-linked transactions. Pablo Medina acts for sponsors, corporates, and investment banks in equity offerings and M&A deals with a capital markets component. Counsel Juan María Lamo is also part of the core capital markets team, assisting with both ECM and DCM matters. Former co-head Iñigo Berricano is no longer at the firm.

Housing a team of ‘proficient and knowledgeable’ capital markets experts, Uría Menéndez is well-known for its broad service offering, which encompasses IPOs, follow-on offerings, rights issues, accelerated bookbuild offerings, delistings and equity-linked instruments. Showcasing a stellar track record in some of the biggest IPOs and equity raisings in the country’s history, the group, which is retained by both issuers and underwriters, stands out for its cross-border capabilities and strong credentials in public M&A. Specialised in finance, corporate, and securities law, practice leader Javier Redonet has a longstanding reputation in the market, advising on IPOs, offers of shares, and corporate governance issues. Other ‘outstanding partners‘ include Gabriel Núñez Fernández, who handles a mix of capital markets, public M&A, banking and finance, and corporate governance work, while Enrique Nieto, who is noted for his expertise in stock exchange listings and Spanish real estate investment trusts(SOCIMIs)-related matters. Alfonso Ventoso focuses on ECM deals and corporate governance, which are also core areas of activity for senior associate Álvaro López.

Noted for its ‘knowledge, experience, and professionalism’, Baker McKenzie‘s capital markets team in Spain attracts instructions from a varied client roster comprised of issuers, managers, and financial entities. The group was reinforced by the July 2023 arrival of Fernando Torrente, a former A&O Shearman partner, who brings over three decades of experience in ECM matters, ranging from IPOs, to follow-on capital offerings, corporate governance, and public M&A. Carlos Martín, ‘a top-level professional with very high technical skills‘ who was elevated to the partnership in the same month, is proficient in capital increases, IPOs, and M&A involving listed companies.

Clifford Chance possesses ‘extensive knowledge and experience in capital markets transactions‘, including the full range of equity and equity-linked products, from IPOs to rights issues, private placements, and delistings. Financial institutions and major Spanish corporates regularly seek the team’s advice on cross-border transactions and innovative structures. Working in close collaboration with the firm’s tax and real estate specialists, the team is also well versed in SOCIMIs (Spanish real estate investment trusts)-related capital markets matters. Eduardo García heads up the global financial markets practice, where Javier García de Enterría and senior associate Francisco Pizarro are names to note for ECM deals.

Singled out for its ‘strong technical knowledge‘ and availability, the capital markets team at Gómez-Acebo & Pombo is well-positioned to advise on an array of domestic and cross-border ECM transactions, with a particular emphasis on the telecoms sector. Typical instructions include IPOs on BME Growth, public offerings, capital increases. and takeovers of listed companies. Splitting his time between Madrid and London, Ferran Foix is best known for his restructuring and refinancing expertise; he jointly heads up the capital markets practice with Madrid-based Guillermo Guerra, a key contact for IBEX-35 companies in relation to corporate governance issues. Jacobo Palanca stands out at associate level for his involvement in ECM deals, including IPOs and capital increases, and corporate governance.

Though traditionally a prime destination for top investors and shareholders, Pérez-Llorca is increasingly retained by major issuers seeking legal support in a wide range of security offerings. Public offerings, listings on the Spanish stock exchange and the alternative stock market, rights issues, as well as equity-linked products are all key areas of expertise for the practice, which also boasts a strong track record in M&A involving listed companies and corporate governance matters. Teresa Méndez, a seasoned practitioner in public and private M&A, ECM transactions and corporate governance, joined from A&O Shearman in January 2023. Other key individuals include Julio Lujambio, who brings together expertise in M&A, private equity, capital markets and corporate governance, and Javier Gómez, the firm’s resident partner in New York.

The small but robust standalone capital markets team at Ramón y Cajal Abogados is skilled in the entire spectrum of transactional and regulatory matters. On the ECM front, the group most notably acts for IBEX 35-listed companies, banks, and underwriters in IPOs on BME Growth, follow-on offerings, private placements, and capital increases. Public M&A is another core area of focus for the team, which is jointly led by Carlos Lao, a seasoned capital markets practitioner with extensive experience in cross-border deals, and Lucía García Clavería, a name to note for IPOs, secondary offerings, listings, public M&A and corporate governance.