Spanish subdivision of Blackstone-owned Cirsa intends to gather approximately $459 million through an initial public offering (IPO) in Spain.
Let's Talk About Cirsa's IPO 💡🎲💸
Europe's Gambling SceneCirsa IPO 📊🇪🇸
In the bustling world of European casinos, Cirsa – a Spanish operator – has its eyes set on a major move: an Initial Public Offering (IPO) in Spain, aiming to raise a cool 400 million euros ($459.3 million) to fuel its growth plans.
The audacious plan? To list their shares on Spanish stock exchanges, they announced on a windswept Wednesday. Seven years have passed since Cirsa was snatched up by none other than Blackstone, the global investment giant.
The IPO also includes a nifty twist: Blackstone will sell existing shares worth 60 million euros to clear taxes and other costs. Sounds like a typical IPO, right? Well, there's a catch (as if we needed one!). The deal comes with a customary over-allotment option for the joint global coordinators of the IPO.
But, wait, there's more! The listing is subject to market conditions and regulatory approvals, yada yada yada... You get the picture.
Fun fact: The opportune moment for Cirsa's IPO wasn't always crystal clear. The company initially eyed an April 2025 listing, but global market turbulence (think of those wacky rollercoasters called S&P 500 and Spain's IBEX 35) delayed their plans. But hey, with market stability gradually returning, it's now game on for Cirsa to secure a favorable valuation.
Blackstone, the savvy investors who own Cirsa, play a key role in the IPO and the company's growth strategy. They've been patient and careful, avoiding moves that could dilute shareholder value in an uncertain market. It's all about timing, baby!
Off the record, Blackstone intends to offload some of their shares during the IPO – about 60 million euros worth – to cover taxes and expenses. Sneaky, but totally legal!
So, what's the master plan? With Blackstone's backing, Cirsa intends to capitalize on the thriving European iGaming sector and exploit regulated gaming markets across various countries.
Cirsa is looking mighty fine financially and is optimistic about its expansion prospects too. In 2024, the company reported an EBITDA of €699 million (a lovely 11% increase year-on-year) and is projecting a jump to €740 million to €750 million EBITDA in 2025. That's a whole lot of chips on the table!
By the way, Cirsa's financials are as rock-solid as the roulette wheel: their leverage ratio of 3.4x EBITDA (that's the balance between debt and earnings) falls below industry averages.
Cirsa's Initial Public Offering (IPO) aims to raise 400 million euros ($459.3 million) in funding, which will be used to fuel its growth plans in the European gambling industry. Blackstone, the global investment giant that owns Cirsa, will sell 60 million euros worth of shares during the IPO to cover taxes and expenses.
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