Mayoral has been manufacturing children’s clothing for almost a century. It is the missing piece for Digi’s IPO to work
Digi Spain confirmed this Monday that asks to be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges with an offer of up to 25% of its capital. The operation is based on an assessment pre-money of 1.7 billion euros and is supported by a binding commitment of 100 million from the Mayoral Group, the Malaga children’s clothing manufacturer of the Domínguez de la Maza family. It is the second attempt in six weeks. In April, Digi postponed the departure because he did not accept a discount greater than 10% on the 2,000 million that he was then seeking. Today he has accepted a bigger cut. Between the lines. The 300 million less valuation in six weeks is the price that the market places today on the fourth operator with its own network in Spain. 15%. Then there is Mayoral. A Malaga textile company subscribing 100 million in a telco before the stock market debut is not usual. The usual thing is a sovereign fund (case of Orange and Vodafone’s fiberCO), an insurer or a family office specialized in infrastructure. If Digi has had to activate a group whose main business is dressing children, it is because the natural buyers of a European telecommunications IPO were not willing to enter into the terms that the telecom wanted, or at least not without a prior anchor. Mayoral fulfills two functions here at the same time: Provide committed capital before setting a price. And it provides Spanish narrative. Digi wants to stop sounding like a low-cost Romanian operator and start sounding like a company with deep ties in the country. The name Domínguez de la Maza helps with that translation, especially in business environments. The figures. The details of the operation make it clear that the IPO does not resolve the balance. Rather, it accompanies him. 1.7 billion. Assessment pre-money. In May there were 2,000. 136 million. Net funds that will come into cash once the placement costs have been deducted. 1,814 million. Group bank debt as of March 31. 400 million. Capex planned only for 2026. 75%. What Zoltán Teszári retains through Digi Communications. Control intact. The net 136 million that the operation will leave does not cover even four months of this year’s capex. Striking. The context. Digi has grown at 20% annually since 2023 and closed 2025 with 929 million in revenue and 175 million in adjusted EBITDA. It has led net additions in fixed and mobile broadband continuously since the end of 2021. It has 14.2 million homes with its own fiber and 11.4 million active lines. The model is known: low rate, 11,700 direct employees without outsourcing customer service (one of the keys to Digi is its commitment to keeping everything internal) and constant capture of ports. It is the operator that has forced Movistar, Vodafone and Orange to react twice in less than three years. The problem starts at the margin. Adjusted EBITDA today moves around 20%. The plan presented to investors promises to raise it to 30% in the medium term. AND the trend is not upward, but downward. Yes, but. Ten margin points without retouching price is mathematically complicated. Furthermore, raising prices contradicts Digi’s entire commercial DNA. The equation only works if two things happen at the same time: The own network reaches 21 million homes ahead of schedule… …and the weight of the wholesale agreement with Telefónica for 5G access is reduced. Capex today for autonomy tomorrow. That is exactly what the 136 million finances. Meanwhile, the Teszári family retains 75% from Bucharest. Going public does not dilute control. And now what. The final price range and date are pending approval of the prospectus by the CNMV. The company is targeting the end of July. Three questions will mark the operation when the book is opened: If the large European funds enter above the implicit price that Mayoral has set with its commitment, or they settle for it. If Digi holds its rate of portability once subjected to quarterly stock scrutiny, with a margin of 20% that the entire market will now be able to read. If Telefónica, Vodafone España and MásOrange interpret the listing as an additional threat or as the first step to put the consolidation of the sector back on the table. The answer will come with the first day of trading. And with the following results. Featured image | Digi In Xataka | Any teleoperator would be worried about making less money with each client. Digi is exactly what you are looking for