This paper provides an overview of the current state of the Portuguese Capital Markets and addresses the main capital market rules, dealing specifically with the regime of qualified holdings, admission to trading, public offerings and, finally, the sanctioning regime.
The number of domestic listed companies in Portugal has been decreasing. The number of listed companies in Portugal reached its peak in 1990, with 152 listed companies at the Lisbon and Oporto Stock Exchange. Presently, only 53 companies are listed in Euronext Lisbon.
The main reasons for the decrease in the number of listed companies are the change in the shareholding structure of listed companies through a merger or acquisition, which may be followed by a "squeeze-out" of minority shareholders and consequent withdrawal from the stock exchange (as were the cases of Companhia de Seguros Tranquilidade, S.A. and with Vodafone Telecel – Comunicações Pessoais, S.A.) or by decision of the shareholders.
Since 2000, there were more than 50 IPOs in Portugal. Although the number of IPOs decreased after the financial crisis of 2008. SMEs, unlike state-owned companies, have requested to be listed on either the Portuguese regulated market (Euronext Lisbon) or another platform (in particular, multilateral trading facilities such as Euronext Access and Euronext Growth).
The last IPO in Portugal took place in 2021 with the listing of Greenvolt – Energias Renováveis, which meanwhile has been acquired by KKR.
The prices of the twenty listings with the largest market capitalisation form the Portuguese Stock Index 20 ("PSI-20"). PSI-20 is the main benchmark stock exchange index in Portugal, which includes, among others:
- EDP, a power company, which has the largest market capitalisation in the PSI 20 and its subsidiary EDP Renováveis;
- Galp, an oil and gas company with investments in the electricity market as well;
- Millennium BCP, the largest private bank in Portugal;
- SONAE, a conglomerate of industrial and distribution companies;
- Jerónimo Martins a leading Portuguese distribution group with a presence in Poland and Colombia; and
- NOS, the second largest telecom operator in Portugal.
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