Cirsa is in No Hurry to Set a Specific Date for IPO to Debut on the Floor

May 28, 2024 | Financial
  • “It will depend on market conditions and the valuation of the company,” he says.
  • Operating profit increases by 8.6%, up to 164 million euros

CIRSA Gaming Corporation • Casino CIRSA Valencia

Barcelona, Spain (May 23, 2024) — Cirsa appeared before investors this Thursday for the first time since hiring Deutsche Bank, Barclays and Morgan Stanley to analyze its IPO . The leader of the gaming sector points out that he is in no hurry to undertake the move and avoided setting a specific date to debut on the floor.

Spanish economic newspaper ‘El Economista’ reported that already in the document sent to the financial markets, the company based in Terrassa (Barcelona) said that ” going public continues to be an option and the execution and potential dates will depend on market conditions and the valuation of the company .”

During the session, held this Thursday, the organization’s financial director, Antoni Grau, declined to give more details about times or potential valuations at which the Catalan organization would feel comfortable making the leap to the markets. Precisely to define these prices he hired the trio of investment banks. In this way, 2024 is practically ruled out in terms of a potential exit to the stock market.

The company in the gaming sector closed the first quarter with an 8.6% increase in its operating profit, which rose from 151 million to 164 million euros, a new record for the period. While revenues reached 513 million compared to 482 million in the comparable period, 6.3% more.

The organization took advantage of the presentation of results to make public the acquisition of seven casinos in Colombia , an operation in which it invested 12.6 million euros. In addition, it announced the start of operations of its sports betting brand, Sportium, in Puerto Rico.

Cirsa’s debt grows

“Our three main retail divisions, casinos, slots Spain and slots Italy are reporting growth in a context of good evolution of demand in our markets,” celebrated the Catalan company. The sports betting division “significantly increased its betting volumes, although it caused low betting margins across the sector in Europe,” he compared.

The company closed the quarter with a net financial debt of 2,501 million euros, 3.9 times the organization’s EBITDA , compared to the 2,259 million a year ago and the 2,247 million in which it closed 2023. During this period it closed a new bond issue for 650 million to refinance obligations that mainly matured in 2025.

SOURCE: el Economista.

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