Blackstone plans Cirsa IPO in Madrid ahead of Easter
The planned IPO is expected to involve a placement of between €700m and €1bn, comprising both new and existing shares.
Key points:
– Blackstone plans to list Cirsa on the Madrid stock exchange before Easter, with a potential valuation between €700m and €1bn
– Cirsa previously postponed its IPO announcement in November 2024 due to market volatility but reported strong financial performance with an 11% increase in operating profit
– The company has a four-month window to complete the IPO following the release of its audited financial results
Private equity firm Blackstone is preparing to list Cirsa on the Madrid stock exchange in mid-April, according to a report from the Spanish newspaper Expansion.
The initial public offering (IPO) is expected to involve a placement of shares valued between €700m and €1bn ($733m – $1.05bn), combining both new and existing shares.
The report states that Cirsa is set to announce its intention to float on or around 13 March, with the listing planned before the Easter holiday. However, the company may delay the offering if market conditions are not favourable.
Good to know: Last November, Cirsa postponed its planned IPO due to volatility linked to the US presidential election
Cirsa’s Chief Financial Officer Antonio Grau told analysts that the company has a four-month window from the publication of its audited annual results on 20 February to proceed with the listing before it would need to submit new financial statements.
For 2024, Cirsa reported an operating profit of €699m, marking an 11% increase compared to the previous year.
Blackstone, which acquired Cirsa in 2018 for an undisclosed amount, has supported the company’s expansion across Spain and Latin America, where it operates casinos and betting shops.
The potential IPO comes amid continued private equity activity in the gambling sector, with Blackstone recently participating in a €1.3bn refinancing agreement with Superbet Group to support that operator’s global expansion plans.
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