Cirsa’s IPO to Seek Valuation of Almost $3B

Blackstone’s gambling company Cirsa is steadily proceeding with its initial public offering plans. As it turns out, the company is seeking а valuation of approximately $3 billion, according to reports.

Cirsa Targets $2.95B Valuation

Reuters reported that Cirsa’s upcoming IPO will target a total valuation of approximately $2.95 billion. The company is set to offer shares worth some 400 million euros ($471 million) on the Spanish stock exchanges, according to an earlier announcement.

For context, Cirsa previously announced that it intended to list on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges via the Automated Quotation System. Newly-issued shares will have an initial price tag of 15 euros per share, Reuters reported.

The timing of the IPO will depend on various market conditions and approval from the Spanish securities regulator. Cirsa also noted that the IPO should reduce its net leverage ratio to around 2.7 times.

Additionally, Cirsa could potentially issue an additional 68 million euros worth of shares as part of a green-shoe option to meet higher-than-expected demand.

Cirsa Prepares to Go Public

Cirsa was founded in 1978 and has since been going from strength to strength. It is already a leader in Spain’s gambling market and is pursuing opportunities in other jurisdictions too. The company’s products are also available in Italy, Morocco, Portugal, Puerto Rico and Latin America.

In 2018, Cirsa joined Blackstone and has since experienced rapid growth thanks to this alliance and the former company’s own strategic investments.

Bookrunners of the planned offering include BBVA, Jefferies, Mediobanca, Societe Generale and UBS. Reuters added that the IPO would be the first in Spain since HBX Group went public in February.

Cirsa’s IPO was an idea that was originally floated a few months ago. However, due to various market uncertainties caused by the macroeconomic climate and tariff-related uncertainty, Blackstone opted to postpone the IPO.