Posted By Global Banking and Finance Review
Posted on February 25, 2025
MADRID (Reuters) - Private equity investor Blackstone aims to list shares of Spanish gambling company Cirsa in mid-April in an initial public offering, newspaper Expansion reported on Tuesday, citing unnamed market sources.
The operation would involve a placement of between 700 million euros and 1 billion euros ($733 million-$1.05 billion), combining both new and existing shares, before the Easter holiday, the report added.
Cirsa did not immediately respond to a Reuters request for comment.
According to Expansion, the company plans to announce its intention to float on, or around, March 13.
In November, Cirsa postponed an expected IPO announcement due to market volatility over the presidential election in the United States.
However, the company could still hold off on its stock market debut to wait for optimal market conditions, CFO Antonio Grau told analysts last week.
It will have a window of four months, starting from the presentation of its audited annual results on February 20, to take the step before having to file new audited accounts.
Cirsa reported an operating profit of 699 million euros for 2024, an 11% increase compared to 2023.
Blackstone acquired Cirsa, which operates casinos and betting shops across Spain and Latin America, in 2018 for an undisclosed sum.
($1 = 0.9547 euros)
(Reporting by David Latona; Editing by Louise Heavens)