(Bloomberg) — Casino operator Cirsa Enterprises and travel technology firm HBX Group are preparing to launch initial public offerings in Spain as soon as the first half of next year, according to people familiar with the matter.
Cirsa, owned by Blackstone Inc., is lining up a share sale that could raise as much as €1 billion ($1.1 billion), said the people, who asked not to be identified discussing private information. HBX Group, known for its Hotelbeds brand and backed by buyout group Cinven and the Canada Pension Plan Investment Board, has penciled in an IPO for as soon as the first quarter that could raise around €1 billion or more, the people said.
No final decisions have been made and the plans — including the timing and size of the deals — are subject to change, the people said.
A representative for HBX Group declined to comment, and Cirsa didn’t respond to requests. Blackstone, Cinven and CPP Investments declined to comment. Spanish newspaper Expansión reported on Tuesday morning that HBX Group was resuming its IPO plans for the first half of next year.
European markets have been volatile this year, and Spain’s only two IPOs so far of 2024 have seen their stock prices fall after their debuts. Shares in Puig Brands SA are down more than 20% since its May IPO, which was Europe’s largest so far this year. Meanwhile, shares of Cox Abg Group SA have fluctuated since its Friday debut.
A number of local companies have also postponed their listing ambitions in recent months, including bakery group Europastry SA, fashion retailer Tendam and Bergé y Compañía’s unit Astara.
Cinven and CPP Investments acquired Hotelbeds in 2016 from travel group TUI AG for about €1.2 billion. The company operates a wholesale platform connecting hotels with travel agencies, airlines and tour operators.
Blackstone acquired Cirsa in 2018. The company, which manages more than 400 casinos around the world, generated EBITDA of €508 million in the first nine months of the year, up 8.8% from the same period in 2023, according to its latest results. Cirsa said alongside the results that an IPO “continues to be an option and its execution and more specifically potential dates will depend on prevailing market conditions.”
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