Spain's Ferrovial prepares for Nasdaq debut in early May

Ferrovial Nasdaq listing: Spain's construction giant, Ferrovial, is gearing up for its Nasdaq listing, slated for around May 9, following the conclusion of a regulatory review for its registration, the company announced late on Friday.

The infrastructure firm, known for its construction of toll roads, airports, and energy projects, revealed that it had filed an acceleration request with the US Securities and Exchange Commission (SEC) to declare its registration statement effective by May 8th.

Ferrovial's ordinary shares will trade on Nasdaq under the ticker symbol "FER" after the company decided to shift its headquarters from Spain to the Netherlands, a strategic move aimed at expediting its US listing.

This shift marks Ferrovial as the first firm listed on the Spanish stock market index to be traded on Nasdaq with ordinary shares. Previously, Spanish-listed companies could only be traded in the US via American Depositary Receipts (ADRs) or other indirect means, lacking access to US stock indexes.

The dual listing process began in Amsterdam and Spain in June, alongside the initiation of procedures for a US listing originally planned for late 2023. Initially met with resistance from the Spanish government, which sought to dissuade Ferrovial from its plans, the company persisted.

With a market capitalisation of approximately $26 billion, Ferrovial conducts 82 per cent of its business overseas, with the US market accounting for 71 per cent of its total investments in 2023.

"The United States is a market in which we have been developing toll roads for more than 20 years. We are currently operating assets in Texas, Virginia, and North Carolina and developing the New Terminal One at JFK airport in New York," commented Rafael del Pino, Chairman of Ferrovial, in a statement.

(With Reuters inputs.)