Private equity investor Blackstone is planning to conduct an initial public offering for Spanish gambling company Cirsa in mid-April, according to a report by newspaper Expansion on Tuesday. The IPO aims to raise between 700 million euros and 1 billion euros ($733 million-$1.05 billion) through a combination of new and existing shares before the Easter holiday. Cirsa has not responded to requests for comment. The company is expected to announce its intentions regarding the IPO around March 13.
Due to market volatility during the U.S. presidential election, Cirsa delayed its IPO announcement in November. However, CFO Antonio Grau mentioned the possibility of further postponement to wait for better market conditions during a recent analyst meeting. Cirsa has until four months after presenting its audited annual results on February 20 to proceed with the IPO before having to release new audited accounts.
Cirsa reported an operating profit of 699 million euros for 2024, reflecting an 11% increase from 2023. Acquired by Blackstone in 2018, Cirsa operates casinos and betting shops in Spain and Latin America.
(Note: $1 = 0.9547 euros)