Cirsa Enterprises SA shares closed in-line with the offer price in its Spain debut on Wednesday, a steady start to trading for the company that’s key to setting the tone for European offerings after the summer quiet period.
Shares of the Blackstone Inc.-backed company opened at €16 ($18.73), 6.7% higher than its offering price of €15 each. Shares erased those gains to trade as low as €15, where it closed.
for European IPOs heading into the summer break, following the region’s slowest first half for offering volume in more than a decade.
The company raised about €400 million in the offering from the sale of about 26.7 million new shares at a fixed price of €15 apiece, and its main shareholder LHMC Midco — a vehicle controlled by Blackstone Inc. — sold about €53 million of existing shares.
