Indexa Capital, a firm specializing in indexed portfolio management, will be the first company in the sector to jump onto the Spanish parquet. The stock market debut is scheduled for the month of July and its incorporation will take place in the sector of SMEs in expansion, BME Growth. The company has 1,710 million euros of assets under managementmostly linked to index funds, with assets of 1,430 million euros, in addition to pension plans and a fund of funds.
The IPO will take place under the format listingwhich implies that the entity will not seek capital in the market since it will neither increase capital nor increase its number of shares. “We don’t need it, the company is profitable and there is no explicit interest from the partners to have to resort to the secondary market,” explains Unai Ansejo, CEO of the company. The objective of the future listed company is to raise capital in the event that it is necessary to undertake future corporate operations, such as the purchase of a company in Spain and in the European countries where it is present, such as France or Belgium.
This implies that Indexa Capital’s market liquidity will be very limited, as the Ansejo itself acknowledges, since they do not explicitly seek to give entry to the individual, although they do recognize that given their extensive client network, it is not ruled out that one of their clients could become also a shareholder of the company.
The company is one of the benchmarks for indexed and automated investment (known in financial jargon as roboadvisors). He has a portfolio of 64,000 customers today. On average, each investor has assets of 25,000 euros and their profile is of savers with less than 100,000 euros available. With a minimum contribution of 3,000 euros, the average of its clients annually contributes around 7,000 euros to their fund portfolios.
The portfolios managed by Indexa Capital are nourished by ETFs from firms such as Vanguard, iShares (Blackrock) and Amundi, to a lesser extent. Recently, Indexa has also launched a monetary Fund that allows its clients to invest “their cushion” of savings in a more conservative product that is based on a Blackrock index fund, with a management commission of 0.1%, to which should be added a 0.33% Indexa’s commission for discretionary portfolio management and another 0.11% from the custodian bank (if applicable, Cecabank or Inversis).