MasOrange, Spain's telecoms group valued at €20 billion, is exploring an initial public offering (IPO). Discussions among shareholders regarding the IPO have been activated, although the decision to proceed is not yet final. This exploration is part of a broader strategy linked to a merger agreement. Investment funds that own MásMóvil, the parent company of MasOrange, are considering invoking a clause that would enable the IPO process to begin in 2026. The potential IPO reflects the ongoing interest in the telecommunications sector in Spain.