Spanish company

CIRSA Group hires three investment banks to "explore" its initial public offering

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CIRSA Group, a multinational company operating in the gaming and leisure sector based in Spain, has hired investment banks Deutsche Bank, Barclays, and Morgan Stanley to "explore" its IPO, as reported by Spanish news agency EFE.

According to the report, the hiring of the banks is a "step further" in analyzing a potential IPO. However, as per the sources cited, "a decision has not been taken."

"This is a major decision. [...] We are taking it step by step," CIRSA said, adding that a decision will be taken when market conditions "are right."

It should be noted that the CIRSA Group already operates "almost" as a listed company since at the end of 2023 it had EUR 2.4 billion of debt listed on the London market.

Furthermore, the company, whose valuation could exceed EUR 5 billion, "has started preparations to go public through a public offering of shares (IPO) aimed exclusively at institutional investors," according to the newspaper Expansión.

The report added that "the transaction would allow Blackstone, owner of the group since 2018, to partially divest the company, reduce financial debt, and continue to grow in the gaming sector."

By the end of 2023, CIRSA had 434 casinos in nine countries, with more than 82,000 gaming machines, nearly 2,500 sports betting points, and the industrial area, which integrates the processes of research, design, and manufacture of gaming machines and gaming room management and machine interconnection systems.

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