Overview

• Cirsa’s prospectus secured CNMV approval on July 1, triggering a bookbuilding phase through July 7 ahead of listings in Barcelona, Madrid, Bilbao and Valencia on July 9.
• The offering is priced at €15 per share, valuing the Blackstone-backed gaming operator at €2.52 billion.
• Investors will be offered 26.67 million new shares in a €400 million primary issuance and 3.55 million existing shares in a €53 million secondary sale.
• Underwriters hold an option to purchase up to 4.53 million additional shares for stabilization over 30 days after the debut, extending through August 8.
• Net proceeds of about €375 million will fund expansion across 11 regulated markets and cut net leverage from roughly 3.5 to 2.7 times EBITDA.