Spain's Ferrovial expects Nasdaq listing in early May

MADRID: 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 US 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 US 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 US using American Depositary Receipts (ADR) or other indirect means without access to US stock indexes.

Ferrovial launched a dual listing in Amsterdam and Spain in June and began the process for a US 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 US 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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