Cirsa prepares for public listing to raise €3bn

New York-based private equity bank Blackstone has completed all preparations to launch Cirsa’s IPO and is hoping to generate €3bn (£2.58bn) by doing so, according to Spanish publication Cinco Dias on Thursday.

Blackstone first acquired Cirsa for €2bn in 2018 and is hoping to go public around April 2022, while keeping an option to try again in the autumn.

The Madrid-based casino and online operator saw its balance sheet decimated by Covid-19 as all its premises were shuttered. This resulted in losses of €250m in 2020, however, Q2 2021 saw the firm report that its revenue was up to 65% of pre-pandemic levels.

Blackstone is hoping these green shoots of recovery will be enough to convince investors, despite some concerns over stringent regulation in Spain in recent years, including the ad ban introduced in September 2020.

The announcement comes just six days after Spanish firm Codere Online made its debut on the Nasdaq following the merger with Mexican SPAC DD3.

Blackstone has appointed investment bank Lazard to advise on the deal, while Deutsche Bank and Barclays have come on board as coordinators.