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Cirsa, owned by Blackstone, plans €460M IPO on Madrid exchange - InforCapital

Blackstone-backed Cirsa is preparing a €460 million IPO on the Madrid Stock Exchange, issuing new shares to fund growth and repay debt.

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Alvaro de la Maza

Partner at Aninver

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Key Takeaways

  • Sector: Leisure.
  • Geography: Spain.

Analysis

Blackstone-backed Cirsa has announced its intention to float on the Madrid Stock Exchange, targeting €460 million in proceeds through a combination of new and secondary share offerings.

The IPO will include €400 million of newly issued shares and a €60 million secondary placement. Proceeds are earmarked for debt reduction and supporting the company’s expansion strategy.

Cirsa, founded in Terrassa in 1978, operates casinos, gaming halls, slot machines and online betting across 11 regulated countries including Spain, Italy, Morocco, Portugal and Latin America.

In 2024, Cirsa reported net revenue of €2.15 billion and EBITDA of €699 million. The company entered Portugal and Puerto Rico in 2024 and plans further international expansion.

This will be the first IPO on Madrid’s stock market since November 2024 when Cox, the clean-energy and water utility, listed.

Morgan Stanley, Barclays and Deutsche Bank have been appointed as joint global coordinators for the deal.

The firm has not made public the proposed valuation or the exact stake sale, though investor speculation places Cirsa’s value between €4 billion and €5 billion. A public offering is expected later this year.