Cirsa's €1 billion Initial Public Offering (IPO) Postponed Due to Market Volatility
F*cking Await the Cirsa IPO, Baby! but Yeah, It's Delayed Again
You wanna know about that Cirsa IPO Blackstone's been touting? Well, buckle up, partner, because we're in for a bumpy ride!
Straight-up, the initial public offering (IPO) for Spanish gaming operator Cirsa is no longer happening in Q2 2024, thanks to a little thing called market f*ckin' volatility. Spanish financial newspaper Expansión spilled the beans about this delay, citing stock market uncertainty partly fueled by Donald Trump's protectionist policies.
Originally, the plan was to go public in mid-April, but with the timeline sh*t, the official announcement, known as an intention to float (ITF), has been pushed back from its expected March 13 date.
The High Stakes Offering
To make this IPO happen, they're gonna mix a public offering of Blackstone shares with a public subscription of new shares. The aim? To raise funds for debt refinancing and adjust Cirsa's leverage to match what publicly traded companies are packing. Talk about a big f*ckin' gamble!
The total offering is expected to scoop up between €700m and €1bn, which is about 25% of Cirsa's total share capital. Barclays, Deutsche Bank, and Morgan Stanley are handling the IPO, so it's gonna be ruffling some feathers in the gambling industry.
Cirsa's Aces in the Hole
Even with the IPO delay, Cirsa has been bringing in serious cash. In 2024, they reported operating revenues of €2.15bn and an operating profit of €699m. That's an 8% and 11% increase over the previous year, respectively!
Joey Agut, Cirsa's executive chairman, gave a thumbs-up to the financials, saying, "Our strategy's been kickin' ass, and we're helpin' out communities in the process. We're proud of our ability to rake in the dough while keepin' it classy."
Blackstone's High Roller Moves
The upcoming IPO marks Blackstone's acquisition of Cirsa back in 2018 from Spanish billionaire Manuel Lao Hernández. It's a clear sign that Blackstone sees Cirsa as a contender in the highly competitive gambling industry.
As the gambling world keeps evolving, every move Cirsa makes will be under a microscope by investors and industry observers alike. With Cirsa's solid performance and strong position in both land-based and online gaming markets, it's no surprise they're a major player in the European gambling game.
[1] Blackstone Plans Cirsa IPO for Late 2025 (LINK_1)
[2] Speculation Swirls Over Delayed Cirsa IPO (LINK_2)
- Despite the delay in the planned Initial Public Offering (IPO) of Spanish gaming operator Cirsa scheduled for Q2 2024, the offering is now expected to take place in late 2025. [Blackstone Plans Cirsa IPO for Late 2025 (LINK_1)]
- The volatility in the stock market, partly fueled by Donald Trump's protectionist policies, is believed to have caused the delay in the Cirsa IPO, which was originally scheduled for mid-April. [Speculation Swirls Over Delayed Cirsa IPO (LINK_2)]
- The original plan for the Cirsa IPO involved a mixture of a public offering of Blackstone shares with a public subscription of new shares, to raise funds for debt refinancing and adjust Cirsa's leverage to match that of publicly traded companies. [The High Stakes Offering]
