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Spain's Ferrovial expects Nasdaq listing in early May
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Spain's Ferrovial expects Nasdaq listing in early May
May 4, 2024 12:38 AM

MADRID, May 4 (Reuters) - Spain's Ferrovial

expects to list on Nasdaq around May 9 after concluding a

regulatory review for its registration, the construction firm

said late on Friday.

The builder of toll roads, airports and energy projects said

the company had filed an acceleration request before the U.S.

SEC to declare its registration statement effective on May 8.

Ferrovial's ordinary shares will be trading on Nasdaq under

the ticker symbol "FER", following a decision to move its

headquarters to the Netherlands from Spain as a way to

accelerate a U.S. listing.

The infrastructure builder would be the first firm listed on

the Spanish stock market index to trade on Nasdaq with ordinary

shares.

Currently Spanish-listed firms can only be traded in the

U.S. using American Depositary Receipts (ADR) or other indirect

means without access to U.S. stock indexes.

Ferrovial launched a dual listing in Amsterdam and Spain in

June and began the process for a U.S. listing that was

originally planned for the end of 2023. The Spanish government

first looked at ways of persuading Ferrovial to abandon its

plan.

Ferrovial, which said it has a market capitalisation of

around $26 billion, does 82% of its business overseas.

The U.S. market accounted for 71% of the company's 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,"

Rafael del Pino, chairman of Ferrovial, said in a statement.

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