一个IPO，小赚170亿

Core Viewpoint - The article highlights the successful IPO of Cirsa, a Spanish gaming giant, which resulted in a remarkable return of over €20 billion (approximately ¥170 billion) for Blackstone, showcasing a textbook example of a merger and acquisition strategy [2][4]. Summary by Sections IPO Success - Cirsa's IPO was initially delayed due to a sluggish European market but ultimately achieved significant oversubscription, with a first-day stock price increase of 6.7%, leading to a market capitalization of €2.7 billion [3][7]. - The successful listing is seen as a pivotal moment for the European IPO market, setting a positive tone for future listings [3]. Acquisition Details - Blackstone acquired 100% of Cirsa in April 2018 for approximately €2.1 billion, leveraging about €1.5 billion in debt, resulting in a net equity investment of around €500 million [5][6]. - Within a year of the acquisition, Blackstone recouped over half of its equity investment through a dividend recapitalization, followed by a significant one-time dividend of €230 million before the IPO [7][8]. Financial Performance - Cirsa's financial recovery post-COVID-19 was notable, with EBITDA nearly doubling and a debt-to-EBITDA ratio improving from 5.5 times to 2.8 times by the time of the IPO [10][17]. - The company's revenue reached €2.15 billion in 2024, reflecting an 8% year-on-year growth, while EBITDA grew by 11% to €699 million [17]. Strategic Management - Blackstone's management strategy involved minimal changes to Cirsa's existing leadership and operational strategies, allowing the company to continue its growth trajectory without major disruptions [12][11]. - The firm also facilitated Cirsa's expansion into online gaming, which became a significant growth driver, with online revenue increasing from 16.7% to 22.7% of total revenue [16]. Future Outlook - Cirsa plans to invest €400 to €500 million in acquisitions over the next three years, with a pipeline of up to 100 potential targets, indicating further growth potential for Blackstone's investment [17].