Shares in betting and gaming operator Cirsa will begin trading in Spain next Wednesday, as the Blackstone portfolio company makes its debut in Barcelona, Bilbao, Madrid and Valencia.
The company has set an offering price of €15.00 per share, implying a market capitalisation of €2.5 billion after the capital increase.
The offering will consist of a primary offering of 26,666,667 newly issued shares targeting a €400 million equity raise. Of this, €375 million of the net proceeds will be used primarily to accelerate Cirsa’s growth strategy and strengthen its capital structure by reducing leverage.
In addition, the offering will include a secondary sale of €53 million solely for the purposes of settling taxes and other expenses associated with the restructuring of management holdings.
The secondary sale will be conducted by LHMC Midco solely for the indirect ultimate benefit of certain current and former employees and managers of Cirsa, who will directly own approximately 4 per cent of the share capital following the offering.
The bookbuilding process began yesterday (2 July), with the start of trading on the Spanish stock exchanges expected to take place next Wednesday (9 July).