TSK IPO set for May 13 at €150M

TSK is an engineering contractor, but the pitch to investors is bigger than that. The company builds energy, industrial, and infrastructure projects, and now it wants public-market money to expand while Spain’s IPO window is still only half-open. On May 5, TSK formally launched its offering, set a €4.45 to €5.05 price range, and lined up a May 13 stock-market debut in Madrid, Barcelona, Bilbao, and Valencia. (grupotsk.com) ### What is TSK actually selling? This is a primary share sale — basically, new stock issued by the company, not a big cash-out by existing owners. TSK wants gross proceeds of about €150 million, and the money is meant to strengthen the balance sheet and fund expansion in Europe, N(grupotsk.com)le power generation, industrial decarbonization, electrical infrastructure, and critical-mineral handling. (grupotsk.com) ### What valuation is the market being asked to swallow? The cleanest number from the company is a post-money market capitalization of about €530 million to €582 million at the stated range. If the over-allotment option is fully used, that can rise to roughly €553 million to €605 m(grupotsk.com) shares are included. (grupotsk.com) ### When does this actually happen? The prospectus was approved by Spain’s market regulator, the CNMV, on May 5, which let the bookbuilding process start. The final IPO price is due after that investor-order process wraps up, and trading is scheduled to begin on May 13. So this is no longer a vague “coming soon” float — it is in execution now. (grupotsk.com) ### Who is buying in early? TSK says cornerstone investors have already committed to roughly 40% of the base deal, or about 35% including the greenshoe. The names matter because they tell you what kind of demand exists: Amundi, Amundsen, DNB Asset Management, Janus Henderson, and W(grupotsk.com)of a weak launch. (grupotsk.com) ### Are the owners cashing out? Not really — and that is part of the sales pitch. Control stays with the García Vallina family after the float. Cinco Días says founder and chairman Sabino García Vallina owns 84% now and should remain (grupotsk.com)lso means free float stays relatively limited. (cincodias.elpais.com) ### Why now? Because TSK can show growth numbers that make the story easier to sell. For 2025, it posted about €1.035 billion in operating income, while Cinco Días says net profit rose 64% to €32 million and EBITDA climbed(cincodias.elpais.com)ll look strong. (grupotsk.com) ### Why does this matter beyond one company? Spain has not had a busy 2026 for main-market listings, so TSK is acting as a live test of whether investors will fund new industrial stories in a shaky macro backdrop. If the order book holds and the shares trade well, that helps reopen(grupotsk.com)but still fragile. (cincodias.elpais.com) ### Bottom line TSK is trying to turn strong project momentum into public capital before market nerves shut the window again. The deal is modest in size, but it matters because it is one of the first real checks on Spain’s IPO appetite this year. (grupotsk.com)