CIRSA has confirmed its shares will be valued at €15 apiece ahead of the operator’s upcoming IPO, as it looks to achieve a market valuation of €2.5bn (£2.1bn).
Last month, the company unveiled its plans to IPO, floating on several Spanish stock exchanges including Barcelona, Bilbao, Madrid and Valencia.
The Blackstone-owned operator boasts both a land-based and online presence in several international markets such as Spain, Latin America, Morocco and Italy.
The offering is awaiting approval from the Spanish National Securities Market Commission and, once granted, the offer period is expected to begin.
CIRSA will offer 26,666,667 newly issued shares, equivalent to €400m in value, as part of its primary offering.
A secondary offering consisting of 3,552,113 existing shares will be overseen by limited liability firm LHMC Midco, equal to around €53m at the offering price.
Additionally, Morgan Stanley Europe, which is serving as stabilising manager for the IPO process, will be granted the option to acquire up to 4,532,817 additional shares within 30 days of the commencement of trading on the Spanish stock exchanges, representing 15% of the initial offer shares.
In turn, the total offering will be made up of 34,751,597 initial offer shares, equating to €521m at the offering price.
Last month, CIRSA outlined its plans to use funds raised to accelerate its “growth strategy and strengthen its capital structure by reducing its leverage”.
At the time of the IPO announcement, CEO Antonio Hostench said: “Today, we are taking a defining step to continue writing another page in this extraordinary history of growth by announcing our intention to go public, which will provide us with the opportunity to undertake new projects and continue to consolidate our leadership in the sector.”
The IPO development comes at a time of significant growth for CIRSA, with the operator seeing group net revenue rise 8% year-on-year (YoY) to €2.2bn over the course of full-year 2024, alongside an 11% jump in EBITDA to €699m.
Its online performance involved contributions from a host of CIRSA-owned brands, including Sportium and Apuesta Total, contributing 12% of the company’s overall EBITDA figure.
In the opening quarter of this year, CIRSA’s online net revenue was responsible for 22.5% of the group’s total, a marked rise from the corresponding quarter last year.
The post CIRSA seeks €2.5bn IPO valuation with €15 share price set first appeared on EGR Intel.
Operator planning to list stock on several Spanish exchanges with a set price of €15 per share as it looks to accelerate growth plans
The post CIRSA seeks €2.5bn IPO valuation with €15 share price set first appeared on EGR Intel.