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Investing.com - Blackstone-backed Cirsa Enterprises, S.A.U., an international gaming platform, has set the price for its initial public offering at €15.00 per share, implying a market capitalization of €2.5 billion upon completion of the offering.
The company announced on June 18, 2025, its intention to list its ordinary shares on the Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges. The offering consists of 26,666,667 newly issued shares, raising €400 million, with approximately €375 million in net proceeds intended to accelerate Cirsa’s growth strategy and reduce leverage.
Additionally, LHMC Midco S.à r.l. is offering 3,552,113 existing shares, equivalent to approximately €53 million, solely to settle taxes and expenses associated with restructuring Management holdings. The total offering amounts to 30,218,780 shares, valued at approximately €453 million at the offering price.
LHMC Midco has granted an over-allotment option to Morgan Stanley (NYSE:MS) Europe SE, as stabilizing manager, to acquire up to 4,532,817 additional shares, representing 15% of the initial offer shares, within 30 calendar days from the commencement of trading.
The company, LHMC Midco, directors, and certain current and former employees will be subject to lock-up arrangements for periods of 180 calendar days from admission for the Group and LHMC Midco, and 365 days for directors and certain current and former employees and managers, subject to certain exceptions.
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