As the parent company of Hotelbeds, a leading B2B travel distributor, HBX Group has benefitted from rising global tourism and a shift towards tech-driven travel solutions. / Credit: Soloviova Liudmyla via Shutterstock

HBX Group, a key player in the business-to-business (B2B) travel technology sector, has announced its intention to launch an initial public offering (IPO) on the Spanish Stock Exchanges.

The move is aimed at accelerating the company’s growth strategy and reinforcing its financial position. If successful, the IPO will include a primary offering of newly issued shares, targeting an equity raise of up to €725m, alongside a secondary offering by existing shareholders.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

CEO Nicolas Huss described the announcement as a “significant milestone” for the company.

“This IPO will help accelerate our growth strategy, strengthen our financial position, and help us continue to innovate in the TravelTech industry by connecting distributors and suppliers of hotel, transport, and experience providers worldwide,” he said.

A growing TravelTech marketplace

Formerly known as Hotelbeds Group, HBX Group was founded in 2001 in Mallorca, Spain.

The company operates as an independent B2B TravelTech marketplace, linking travel suppliers—including over 250,000 hotels, travel experience providers, and car rental firms—to around 60,000 business-to-consumer (B2C) distributors such as tour operators, airlines, and online marketplaces.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

One of HBX Group’s key differentiators is its extensive network of directly contracted hotels, which allows it to offer preferential access and tailored solutions to both hotel providers and travel distributors.

The company also operates a fully cloud-native technology platform that processes vast amounts of data at high speeds. Currently, HBX Group handles up to 6.2bn travel searches per day, with 80,000 requests processed per second.

Financial outlook and market expansion

HBX Group has reported strong financial performance in recent years, growing its total transaction value (TTV) by 12% in 2024. Revenue for the company reached €693m, with an adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 57%, up from 54% the previous year.

The IPO proceeds will primarily be used to reduce HBX Group’s debt, settle existing incentive plans, and cover transaction and refinancing costs. Concurrently, the company will refinance €1.7bn in existing debt, replacing it with a new loan structure at lower interest rates.

Looking ahead, HBX Group aims to strengthen its accommodation network, expand its range of travel solutions—including fintech and insurance products—and leverage artificial intelligence to optimise pricing strategies.

With the global travel and tourism industry projected to grow at twice the rate of global GDP from 2023 to 2027, HBX Group appears well-positioned to capitalise on long-term market expansion.