Blackstone defers Cirsa IPO until after Easter amid market volatility
Blackstone has postponed the initial public offering (IPO) of its Spanish gaming subsidiary, Cirsa, due to unfavourable market conditions, according to a report by Spanish media outlet Expansión.
Last month, SiGMA News published a report saying that the public offering is expected to go live in mid-April, before Easter. However, according to the latest report, the Cirsa IPO is likely to occur in the second quarter of 2025, depending on market stability.
Trump-effect: Market uncertainty creates challenges
This delay comes amid global market volatility, attributed to factors such as protectionist trade policies and geopolitical tensions that have been at record levels since US President Donald Trump took charge on 20 January 2025. These uncertainties have led to significant fluctuations in major stock indices, prompting companies like Cirsa to reassess their IPO timelines.
IPO structure and fundraising goals
Cirsa’s IPO, internally referred to as “Project Atalanta,” aims to raise between €700 million and €1 billion. The structure of the offering will combine a public offering of existing shares held by Blackstone with a subscription of new shares. The capital raised is intended for debt refinancing and aligning the company’s leverage with industry standards.
Financial backing and timeline
Financial institutions, including Barclays, Deutsche Bank, and Morgan Stanley, are involved in facilitating the IPO. Cirsa has until mid-June to proceed with the offering before requiring updated financial disclosures.
The company reported an operating profit of €699 million in 2024, marking an 11 percent increase from the previous year, reflecting its strong financial performance.
Blackstone acquired Cirsa in 2018 and has since been working towards optimising its value, with the IPO being a significant step in that direction.
