Private equity giant Blackstone is preparing to list shares of Spanish gambling company Cirsa in mid-April, with an initial public offering (IPO) expected before the Easter holiday, according to a report from Expansion citing unnamed market sources.
The IPO is projected to raise between €700m and €1bn billon ($733m-$1.05bn) through a mix of new and existing shares.
Cirsa is reportedly set to announce its intention to float around 13 March, pending market conditions. The company had initially planned to go public last year but delayed the announcement in November due to market volatility linked to the US presidential election.
Despite the renewed push for a listing, CFO Antonio Grau noted last week that Cirsa could still postpone the IPO if conditions are not favourable. The company has a four-month window from its 20 February audited results presentation to proceed before needing to file new financial statements.
Cirsa reported an operating profit of €699m in 2024, reflecting an 11% increase from the previous year.
Blackstone, which acquired Cirsa in 2018, has since expanded its operations across Spain and Latin America, where the company runs casinos and betting shops.
