Cirsa debuts on the stock market exceeding the initial price of 15 euros.

BarcelonaCirsa debuted on the stock market this Wednesday with a rise to 16 euros, and then moved above the 15 euro initial price. The Catalan gaming giant, which is starring in one of the most important landings on the stock markets this year, The stock market journey began with the traditional ceremony of ringing the bell at the Barcelona Stock Exchange by its president, Joaquim Agut. He also stated that the IPO will serve to strengthen growth and noted that the company has completed 130 acquisitions in the last ten years. Welcome from Juan Flames, CEO of BME, the owner of the Spanish stock exchanges and a subsidiary of the Six group. This Catalan multinational gaming company—owned by the US fund On May 3rd of last year, Puig went public., also with the traditional ringing of the bell.

The company expects to raise more than €500 million, with a valuation of 2.52 billion euros for 100% of the capital. This represents a 20.7% increase if the planned over-allotment is fully exercised. ExpansionAgut stated that they have attracted a total of 250 investors, a large proportion of whom are "long-term investors."

Following the prospecting period, with demand exceeding supply by more than eight times (despite some funds that do not want to invest in gambling businesses), the placement has resulted in an offering of 26.6 million newly issued shares, equivalent to €400 million, plus €3.5 million.

The LHMC Midco group (Cirsa's parent company), the directors, and certain current and former employees and managers have entered into non-transfer agreements with the placing banks for a period of between 180 and 365 days, as detailed in the company's IPO prospectus. This will result in the repayment of the company's existing bonds for an estimated amount of €375 million.

Financial results

Cirsa earned €12.6 million last year, 84% less than the previous year, largely due to increased financial costs. Turnover was €2.15 billion, 8% more than the previous year. Its operating profit increased to €699 million, compared to €630 million in 2023. In the first quarter of this year, the group posted a profit of €18.7 million, 21.5% more than the same period a year earlier, with a boost in operating income. Operating income was €576.7 million and operating profit was €179 million.

The company currently operates in eleven countries with a diversified product offering that includes casinos, gaming machines, sports betting, and online betting. Cirsa's online gaming and betting business unit is the main driver of growth, with net operating income representing 22.5% of the total in the first quarter.