Digi Goes for IPO in Spain at €1.7 Billion Valuation

Romanian operator group Digi Communications plans to float its Spanish business to fund network expansion while retaining control of the subsidiary. The proposed IPO comprises €150 million in newly issued shares alongside a sale of existing stock by Digi Romania, the unit’s sole shareholder.

The operator group will retain at least a 75% stake in Digi Spain following the transaction on Spain’s stock exchanges. Ahead of the offering, Digi Spain secured a binding €100 million investment commitment from Spanish venture capital firm Global Portfolio Investments, conditional on an offer price representing a pre-money valuation of up to €1.7 billion. In a statement, the operator explained that net proceeds of approximately €136 million from the primary offering will be used to expand Digi Spain’s fiber footprint and accelerate deployment of its mobile network.

Chairman Serghei Bulgac described the listing as a natural evolution to enhance Digi Spain’s financial flexibility to support its next phase of growth and investment, adding that the group remains committed to retaining control. Digi Spain CEO Marius Varzaru said that becoming a public company would provide additional financing options as a standalone company, while strengthening its balance sheet flexibility.

The listing is subject to market conditions and approval of the IPO prospectus by the country’s regulator, the Spanish Securities Market Commission (CNMV). Digi Spain ended the financial year with a fibre footprint covering 14.2 million premises and revenue of €929 million in 2025. The IPO comes as Digi Communications continues to reshape its wider business. Last September, the operator group agreed to acquire part of Telekom Romania Mobile Communications as part of a €70 million carve-up with Vodafone.