Spanish Bolsas and Mercados (BME) Annual Report 2025 a total of 17 new additions to the competition, Of these, only three were made on the exchange, while the remaining 14 were made on the BME Growth and BME Scaleup growth markets.
These data demonstrate the low dynamics of the official stock exchanges, a question we insist on, which contrasts with the good behavior of the national stock exchanges, manifested in a significant revaluation of the mayor of the national stock market indices.
Starters as easy access, aimed at mitigating some of the risks associated with the market inclusion process, could clarify the relevant paper in terms of reversing this situation in the short and medium market.
The results are even more positive for companies in the growth stage, even if they are not exempted from the current regulations. Thus, the best development in the pace of inclusion in the BME Growth segments (focused on companies with defined business models, but still sufficient to access the continuous market) and Scaleup, the natural predecessor of the Growth market created in 2024, seems to confirm the greater predisposition of this type of companies. consider the bag as a method of financing and as a mechanism of visibility.
Compared to large consolidated companies, these companies show a more receptive mentality than capital market paper as a tool to accompany and support their growth, with less aversion to third-party entry into their shares.
Of the 14 companies joining BME Growth and BME Scaleup in 2025, only five will be purely corporate.
Similarity, the pre-market BME environment has established itself as a key element within the ecosystem that acts as cantera de futuros salidas a bolsa.
Currently, 32 companies are part of this support program, which aims to facilitate access to value markets through training, corporate adaptation and preparation to meet the required requirements. 13 of them were incorporated into the pre-market during the last exercise, confirming this the existence of a relevant group of companies with real market access potential.
However, despite this better performance compared to rising markets, some others prevail. The first of them is related to the sectoral composition of companies.
Of the 14 companies joining BME Growth and BME Scaleup in 2025, only five were pure corporates, while the remaining new ones corresponded to members, property letting companies. As the companies traded on the Stock Exchange Portfolio are constantly growing, there is a clear predominance of this type of vehicle in the group of traded companies.
Second, due to the greater openness of capital markets, relatively fewer companies find and/or are interested in the same opportunities that private finance faces.
In this sense, according to preliminary data from SpainCap, in 2025 alone, more than 650 inversion operations will be carried out in Spain by some venture capital funds, channeling more than 1,700 million euros, the company is in the early stages of growth.
Finally, and related to these last figures, the third critical element is the actual access to financing at the time of market integration. Of the 14 companies that debuted in growth markets, only three raised capital in a sale totaling €7.72 million.
In contrast, the capital expansions carried out by companies that were listed on these markets reached 627 million euros, a figure that is approximately equal to a third of the finance transferred through private funds.
Thus, there is a clearly identified potential for growth stage companies to access the equity market. no exact This needs to be followed up by providing incentives and a suitable environment so that year after year a greater number of operations materialize and the bag consolidates as a support mechanism for the growth of every other company.
***Irene Peña, Afi Professor of Global Education.
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