While the initial plan anticipated the start of the stock market operation for today, Thursday, March 13, it was decided to wait until, at least, after Easter.
Spain.- Blackstone, owner of Cirsa, has decided to postpone the company's IPO, initially scheduled for before Easter, due to geopolitical uncertainty and high market volatility. Although the tentative calendar pointed to March 13 to announce the operation via Intention To Float (ITF) and debut in April, the current conditions, with the VIX index exceeding 20 points, advise against the premiere. Experts indicate that the instability, exacerbated by policies such as those of Donald Trump, could calm down after the festivities, keeping the plan for the second quarter of 2025.
The structure of the operation, known as Project Atalanta, remains defined: it will combine a public offering of Blackstone's shares and a public subscription offer of new titles to raise between EUR 700m and 1,000m, placing at least 25 percent of the capital. The goal is to refinance Cirsa's debt and adjust its leverage.
Cirsa, with revenues of EUR 2.150m in 2024 (+8 percent) and an EBITDA of EUR 699m (+11 percent), had already postponed a stock market debut at the end of last year due to volatility following the elections in the U.S. The operation, coordinated by Barclays, Deutsche Bank, and Morgan Stanley, seeks to reduce its indebtedness (3.8 times the EBITDA) and consolidate its profile as a listed company.
The delay reflects a cautious strategy by Blackstone, which prefers to wait for a more favorable environment to maximize the value of the placement. Market sources indicate that investor interest remains intact, given Cirsa's solid performance in a growing sector.
