Workshop IESE-MAB (Benefits of being a listed company)

Barcelona, November 26th

Original title: La ruta al mercado bursátil para Start-ups y PYMES: beneficios, requisitos y casos de éxito

(EN: The road to the stock market for start-ups and SMEs: benefits, requirements and successful stories)

In light of the target considered and the audience expected, the conference will be in Spanish. Further support material such as presentations, agenda and video will be translated in English (subtitles for the video). 

Attendees: entrepreneurs, interested in public markets, CEOs, CFOs

Moderator: Julia Prats, Professor and head of department of Entrepreneurship, and holder of the Bertrán Foundation Chair of Entrepreneurship at IESE.


1) Jesús Gonzales Nieto-Márquez (Vice-President and Managing Director MaB): Graduated in Law and Economics and Business Administration (ICADE, Comillas Pontifical University, Madrid). Vice-President and Managing Director of MaB (Alternative Stock Market) at BME (Spanish Stock Exhanges and Markets). He was manager of Settlement and Clearing Area and manager of Market Development Area, both at Madrid Stock Exchange. He is a member of the Instituto Español de Analistas Financieros (Spanish Institute of Financial Analysts). Nieto-Márquez is a teacher at IEB (Instituto de Estudios Bursátiles), Centro de Estudios Garrigues, Instituto BME and other learning institutions.

2) Álvaro Castro Martínez (MaB counselor and manager of the Pre-Market Environment)

3) Miguel Angel Bonachera (Founder and CEO AB-Biotics): Graduated in biochemistry (Universitat Autonoma de Barcelona), MBA in Entrepreneruship/Finance (ESADE Barcelona), PADE (IESE Business School). Founding partner and CEO of AB Biotics, Co-founder and member of Ability Pharma SL main board, Co-founder and member of the Sevibe Cells SL, company dedicated to store stem cells from umbilical cord.

4) Josep Maria Echarri (Parnter Inveready): Graduated in Economics and Actuary Sciences (Universitat de Barcelona), master’s in finance (ESADE Barcelona). Founder and CEO of Inveready, Senior vice president and member of MásMovil main board.

Background information:

1) The Alternative Spanish Equity Market (MaB) is a multilateral trading facility (MTF). It is managed by the Spanish Stock Exchanges and Markets (BME) and supervised by the Spanish Securities & Exchange Commission (CNMV). The platform is designed so that small companies wishing to expand can benefit from the advantages offered by the market: financing, visibility, liquidity, valuations, etc.

The Pre-Market Environment (Entorno Pre Mercado, EpM) is a training and networking program to allow SMEs to know how capital markets are working as well as to access both private and institutional investors. Its main objective is to provide companies that join it with the necessary support to reach the level of competencies that the regulations require to be financed through the securities markets managed by BME.

2) AB-Biotics was founded in 2004 as a spin-off of the Autonomous University of Barcelona (UAB) launched by Miquel Àngel Bonachera and Sergi Audivert, currently executive directors and members of the company’s Board of Directors. In 2010, AB-Biotics has become the second biotechnology company listed on the MAB.  It is a leading biotechnology company, with an international vocation, and it divides its activities into these two main business areas (probiotics & precision medicine) based on research, development, intellectual protection and the distribution of their own exclusive biotechnological solutions through a Business to Business (B2B) model.

3) Inveready is a leading asset manager in Spain investing in early-stage technology-based companies. It was funded in 2007 by Josep Maria Echarri y Roger Pique with the original purpose of helping the start-ups in raising funds. A first fund was launched in 2008 and four years later the asset manager was created together with the launch of a second fund and the inclusion of Ignacio Fonts. To date, Inveready has more than 330m funds under management and has invested in more than 110 companies.

Draft Agenda:

Introduction by Mª Julia Prats 

Part 1: The road towards MaB and the benefits of going public

  • J.G. Nieto Márquez – short introduction
  • What MaB and EpM are
  • To whom it should be addressed (other examples besides the ones present)
  • Benefits and obligations of listing on MaB
  • How to prepare itself and when listing on MaB, Pre-Market Environment

Part 2: From Spin-off to listed company. The case of AB-Biotics

  • M.A. Bonachera – short introduction 
  • Path from spin-off to the listing and company sell
  • Main reasons to go public on MaB
  • Getting ready for MaB
  • Benefits and obligations of being listed in the Stock Exchange
  • Recomendations to who’s thinking to go public

Part 3: Word to the investors. Inveready

  • J.M. Echarri – short introduction 
  • Experience from MásMovil listing on MaB
  • Main reasons why there is a low rate of IPOs in Spain and Europe. Investor’s point of view.
  • How does a VC apporach the MaB?
  • MaB’s advantages and disadvantages for an institutional investor

From Active Venture Capital Investor to Long-Term Shareholder

Copenhagen, October 29th

The  International Venture Club’s annual meeting Smart Capital 2019 in Denmark hosted the First TCM workshop “From Active Venture Capital Investor to Long-Term Shareholder.” Led by Fiorangelo Salvatorelli, partner at Fusion Global Capital, the seminar explored the IPO dynamics of tech companies from the perspective of both VCs and public market investors.

 Through a series of new data sets, and an active interaction with the attendees, Salvatorelli challenged the conventional wisdom that the European IPO market is broken and demonstrated the clear upside opportunities for both new public market shareholders and existing venture backers, and the symbiotic relationship between the two in addressing information asymmetries and liquidity.  

The analysis presented a comparison between the European, US and Chinese IPO cycles. The US one could be described as long, gradual and sustained compared to European, which appear to be shorter and more frequent. With this analysis private market investors in particular are better equipped to understand when to go public, and how long to maintain their shareholding. 

The workshop will be repeated by webinar in November. For more information please contact us.


Fiorangelo was Partner and Head of Research at Lansdowne Partners. During his tenure, Lansdowne assets under management grew tenfold to over $20 billion.  Fiorangelo has also held research and portfolio management roles at Newton Investment Management, Fidelity International and CCLA.

Fiorangelo serves on the advisory board of Flemings Family & Partners.

Fiorangelo was a former consultant with McKinsey & Co. in Milan and London and a university lecturer at the University of Oxford Department of Engineering Science and INSEAD.

Fiorangelo holds a MA and DPhil in Engineering Science from the University of Oxford.