DIGI Spain to Go Public, Expects Up to US$1.9bn Valuation

DIGI Spain has built its reputation by challenging established telco operators on price while steadily investing in its own infrastructure.

Now, the company is preparing for its next stage of growth: one that will see it turn to public markets to fund a wider fibre footprint and a larger mobile network.

The operator has announced plans to float on the Spanish stock exchange through a public offering of shares, valuing the business at up to €1.7bn (US$1.9bn) before the transaction.

The listing is designed to raise fresh capital while allowing parent company DIGI Communications Group to retain control with at least a 75% shareholding.

Alongside the new share issue, investment company Global Portfolio Investments, owned by the Domínguez de la Maza family behind the Mayoral Group, has committed to invest €100m (US$114m).

DIGI expects net proceeds of around €136m (US$155m) from the offering, with the funding earmarked primarily for expanding its fibre-to-the-home network and accelerating deployment of its own mobile network.

Funding network expansion

The listing comes as DIGI Spain keeps investing heavily in owned infrastructure.

The operator has already deployed a fibre network covering 14.2 million homes across Spain and plans to extend that reach to 21 million over the medium term.

It is also continuing the rollout of its mobile network as Spain's fourth mobile operator, using its own spectrum alongside RAN sharing and national roaming agreements with Telefónica.

Marius Varzaru, CEO of DIGI Spain, says: "Investment in our own networks, technology, operational efficiency and customer proximity have been key to consolidating our business model in Spain; a model built to offer high-quality connectivity at very competitive prices, supported by investment in our own networks as a growth engine.

"We are investing to expand fibre coverage and capacity and to accelerate the deployment of our own mobile network.

"Listing on the stock exchange would provide us with an additional source of capital to those that have allowed us to finance our growth to date: equity and bank financing.

"In this sense, listing the company's shares on the Spanish stock exchange would strengthen our company's financial stability and our ties with the country; all while the Group maintains its firm commitment to DIGI Spain and our long-term industrial plan, retaining control of the entity."

The public offering will also include existing shares sold by DIGI Romania alongside a customary over-allotment option of up to 15% of the initial offer size. 

Building momentum

The planned flotation follows several years of rapid customer growth.

As of March 2026, DIGI Spain served 11.4 million customers across mobile, broadband, fixed telephony and pay television.

According to Spain's National Commission for Markets and Competition, the operator now holds a 14% share of the fixed broadband market and 13% of the mobile market.

It has also led net customer additions in both segments since the fourth quarter of 2021, making it Spain's third largest fixed broadband operator.

The company's SMART fibre network now reaches 14.2 million homes, with 95% built on XGS-PON technology.

DIGI says this has enabled residential broadband speeds of up to 10Gbps while supporting future capacity requirements.

Building on rapid growth

DIGI Spain generated revenues of €929m (US$1bn) in 2025 and reported adjusted EBITDA of around €175m (US$199m).

In the first quarter of 2026, revenue increased 16.4% year on year to €252.2m (US$288m), while adjusted EBITDA reached €50.6m (US$57.6m).

In terms of customers, Marius says that the net growth over the last three years has been in the Smart network, "which highlights and proves the strength of our business model".