Report: Blackstone targets Easter IPO for Spanish firm Cirsa
Proposed initial public offering involving the sale of shares valued between €700m and €1bn could be announced in mid-March, with the listing earmarked for April
Blackstone is targeting an initial public offering (IPO) for Spanish operator Cirsa, according to a report from Expansión.
The report, which cited unnamed market sources, claimed the IPO could occur as soon as April, with Cirsa likely to announce the intention to go public in March.
Any IPO could raise between €700m and €1bn (£580.7m and £830m) on the Madrid Stock Exchange through the sale of new and existing shares before Easter.
Cirsa released its full-year 2024 results on 20 February, reporting revenue of €2.2bn and operating profit of €699m for the year.
This represented an 8% and 11% increase for both metrics, respectively, when compared to the previous year.
Included in the report, Cirsa said: “Regarding the potential IPO of Cirsa, as of today [20 February], this continues to be an option and its execution and more specifically potential dates will depend on market conditions to ensure an optimal valuation of the company.”
Cirsa runs land-based and online operations across Spain, Italy, Morocco, Central America and Latam.
It’s online brand, Sportium, was the fourth-most visited gambling website in Spain last month, according to data from Semrush.
The platform reported 4.4m visits, behind bet365, JugosOnce and Loterias y Apuestas. Spain also accounted for 48.7% of Cirsa’s group EBITDA last year.
In July 2024, Cirsa acquired a 70% stake in Peruvian operator Apuesta Total to strengthen its foothold in Latam. That was followed by snapping up a 68% stake in Casino Portugal in December.
Blackstone first acquired the Spain and Latam-facing casino and sportsbook operator in 2018 in a €2.2bn deal.
Cirsa had reportedly planned an IPO for November 2024 but postponed the plans due to market uncertainty driven by the US presidential election.
Company CFO Antonio Grau revealed during an analyst conference earlier this month that Cirsa would make a decision on going public in the coming weeks, depending on favourable market conditions.
Elsewhere, Blackstone recently completed a €1.3bn refinancing deal with Central and Eastern European operator Superbet.