MasOrange shareholders are considering a potential initial public offering (IPO) for the Spanish telecom operator next year as a strategy to liquidate assets. Established in 2022 through a €20 billion merger between Orange’s local subsidiary and MasMovil, the company is approaching the end of a two-year lock-up period that expires in 2026. After this period, either party can pursue an IPO if market conditions are favorable, according to Orange.

As the lock-up period nears its conclusion, MasMovil's main stakeholders—private equity firms KKR, Cinven, and Providence Equity Partners—are exploring various strategic options, including the possibility of an IPO. However, no final decisions have been made yet. Should an IPO occur, Orange would have the option to acquire a controlling interest, allowing major stakeholders to divest their shares.

Kester Mann, a director at CCS Insight, indicated to the Financial Times that MasOrange's performance is promising, which may encourage investors to consider the timing for an exit. An IPO could also revitalize Europe’s sluggish post-pandemic IPO market, providing investors with an opportunity to invest in a significant telecom entity amid a backlog of unsold assets faced by buyout groups.

Earlier this year, MasOrange entered into a partnership with Vodafone Spain to create FibreCo, a joint venture aimed at developing a fibre network. This initiative is expected to deliver fibre-to-the-home (FTTH) access to around 12.2 million homes across Spain. The deal is projected to be finalized by mid-2025, with MasOrange holding a 50% stake, Vodafone Spain retaining 10%, and the remaining 40% likely to be sold to a financial investor.