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TERRASSA, SPAIN - Gaming company Cirsa announced Wednesday its intention to float on the Spanish stock exchanges, with plans to raise €400 million ($430 million) through an initial public offering of newly issued shares.
The Blackstone-owned company will use the proceeds to accelerate growth and reduce leverage, according to a press release statement. The offering will also include a secondary sale of approximately €60 million to settle taxes and expenses associated with restructuring management holdings.
Cirsa operates in 11 regulated markets with leading positions in Spain and Latin America. The company runs 451 casinos and gaming halls across eight countries and has over 85,000 gaming machines.
For the year ended December 31, 2024, Cirsa generated €2.15 billion in net operating revenues, an 8% increase from 2023. EBITDA rose 11% to €699 million, with a 33% margin.
The company plans to list on the Barcelona, Bilbao, Madrid and Valencia stock exchanges through the Automated Quotation System. The IPO timing depends on market conditions and approval by Spain’s securities regulator.
After the offering, Cirsa’s net leverage ratio would be approximately 2.7x, down from current levels. The company targets a leverage ratio between 2.0x and 2.5x post-IPO.
Joaquim Agut, Executive Chairman of Cirsa, called the announcement "a significant milestone" for the company founded in 1978. CEO Antonio Hostench added that going public would provide opportunities "to undertake new projects and continue to consolidate our leadership in the sector."
Barclays (LON:BARC), Deutsche Bank (ETR:DBKGn) and Morgan Stanley (NYSE:MS) are acting as joint global coordinators for the offering.
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