• Cirsa is going to seek $2.95bn valuation when its IPO launches
• The company is floating 26,666,667 newly-issued shares
• A green-shoe option for additional share purchases is also available

Cirsa, the Blackstone-owned gambling major, will be looking to hit an estimated valuation of €2.5bn ($2.95bn) with its Initial Public Offering in Spain this year.

Cirsa seeks to boost its valuation, raise capital to spearhead growth

The company is going to put up to €400m worth of shares forward, as confirmed by its bookrunners on Monday, and originally reported by Reuters. Cirsa’s bookrunners include BBVA, Jefferies, Mediobanca, Societe Generale, and UBS.

The company will float 26,666,667 newly-issued shares that will fetch a price tag of €15 per share, approximately $17.69, as confirmed by documents that the media saw. Cirsa may also proceed with the issuance of another €68m ($80.18m) worth of shares, known as a green-shoe option, if there is sufficient demand to justify this.

Cirsa has been one of the most prominent international gaming companies, running gambling and casino platforms in highly competitive markets around the world, including the company’s home Spain, but also in Italy, Morocco, Puerto Rico, Portugal, and across Latin America.

Cirsa has been scoping out new opportunities and is looking to bankroll its growth by adding more to its war chest. As previously reported, the company is looking to possibly raise €460m, listing on four Spanish exchanges at the same time.

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