HBX Group, a Spanish travel technology company and owner of brands such as Hotelbeds, is set to launch an initial public offering (IPO) of approximately €1 billion ($1.04 billion) in the coming weeks, according to sources familiar with the matter.
After more than a year of preparation, the private equity-backed company may file its IPO request as early as next week if investor reception is favorable. HBX Group has recently been consulting with investors and is waiting for a positive response before proceeding with the offering.
HBX’s shareholders, including private equity firms Cinven and EQT, as well as the Canadian pension fund CPP Investments, are considering listing the company on the Madrid Stock Exchange, as Reuters previously reported.
Although the company declined to comment on the matter, such an IPO would be the first in Europe for 2025, following a slight recovery in IPO activity last year. This decision comes at a time when analysts have become more optimistic about the outlook for European stocks.
Recent reports from Deutsche Bank and Citigroup highlight an improved political climate and solid corporate earnings, further bolstering investor confidence for the year ahead. In 2024, European companies raised $19.3 billion through IPOs, an 18% increase compared to 2023, although the number of offerings decreased, according to LSEG data.
This IPO would mark a new chapter for HBX Group and could redefine investment opportunities in the European travel tech sector.
History and Evolution of HBX Group
Founded in 2001 by Joan Vilà under the Hotelbeds brand, the group was acquired in 2016 by private equity firms Cinven and CPP Investments for approximately €1.2 billion. Hotelbeds’ story began in Palma de Mallorca over 20 years ago. Initially a traditional inbound services business focused on Spain and the UK, Hotelbeds quickly expanded its operations. Within ten years, the company extended its reach to over 100 markets and worked with more than 500 inbound service providers worldwide.
With the rise of online distribution in the 2000s, Joan Vilà saw an opportunity to revolutionize the online accommodation market. Hotelbeds began buying hotel rooms in bulk and reselling them to travel industry companies, thus paving the way for a B2B business model. This model quickly propelled Hotelbeds to become a leader in the online bed bank sector.
Under Vilà’s leadership, Hotelbeds transformed from an inbound services business to a major player in travel tech. In 2023, the company was rebranded as HBX Group, combining several key brands: Hotelbeds, Bedsonline, Roiback, and TravelStack. Today, HBX Group employs over 3,700 people in 170 countries and continues to position itself as a provider of B2B solutions for wholesalers, suppliers, and destinations.
The group operates through four main brands:
- Hotelbeds: Meeting the specific needs of hoteliers, tour operators, and travel agents.
- Bedsonline: A retail-focused solution offering travel products to meet the needs of travelers.
- Roiback: HotelTech partner for independent hotels and chains seeking growth through direct channel solutions.
- TravelStack: Provides services and solutions to businesses entering the travel sector.
In 2021, Joan Vilà decided to step down from his executive role to become a non-executive member of the HBX Group board. Nicolas Huss succeeded him as CEO, highlighting the crucial role Vilà played in creating the Bedsonline model, which is now one of the most competitive and fastest-growing segments in the travel industry.
