Clifford Chance

Clifford Chance advises EQT on €725 million IPO of HBX Group

Global law firm Clifford Chance has advised EQT VII, as selling shareholder, on the €725 million IPO and listing on the Spanish stock exchanges of one of its portfolio companies, HBX Group International plc ("HBX Group"), a leading independent B2B travel technology marketplace. Based on the offer price of €11.50, the market capitalisation of HBX Group on IPO was €2.84 billion. The transaction is the largest European IPO so far in 2025 and signals further momentum for the European IPO market.

HBX Group is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors, totalling more than 635,000 direct connections in the travel ecosystem. Its best-in-class cloud-native and scalable technology platform allows the Group to process up to 6.2 billion searches per day, which provide unique insights for business partners and predicts travel trends. HBX Group is also leveraging AI and developing a wide range of TravelTech solutions, including bespoke Fintech and Insurance solutions for the travel industry. HBX Group is present in 170 countries and employs more than 3,600 people around the globe.

The IPO marks a significant milestone in HBX Group’s journey, providing it with a diversified shareholder base and access to public capital markets to support HBX Group’s future growth.

The Clifford Chance team was led by Simon Thomas, London Head of Capital Markets together with Spencer Baylin, London Head of Private Equity, and London Private Equity partner Graham Phillips. They were supported by senior associates Victoria Ho and Yuli Adagun and associate Lewis Barton.