Spain's Ferrovial drops in Nasdaq debut, sees long road to key indexes
MADRID, May 9 (Reuters) -Shares in infrastructure group Ferrovial FER.O fell in their Nasdaq debut on Thursday after a listing that had driven the company to move its headquarters from Spain to the Netherlands to facilitate access to the U.S. stock market.
Ferrovial, with a market capitalisation of 25.4 billion euros ($27.3 billion) has become the first company on the Spanish IBEX 35 bluechip index to also list its ordinary shares on Nasdaq.
The shares opened at $47.22, above their adjusted Wednesday's closing price of $40.74, and then dropped 17% to $39.2 in the first hour of trading.
"It's going to take time for the American investor to get to know Ferrovial... they don't have any other infrastructure company trading in the market with ordinary shares," Ferrovial CEO Ignacio Madridejos told Reuters.
"It's both an advantage and an inconvenience," he said, adding that getting into the Nasdaq bluechip indexes "is not going to be in the short term".
Reporting by Corina Pons; editing by Andrei Khalip
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