Cirsa to raise $527 million through IPO to fund expansion and reduce debt

Cirsa, the Spanish gaming and betting operator owned by Blackstone, has formally announced plans to raise €460 million ($527.33 million) through an initial public offering (IPO) on Spanish stock exchanges.

The listing will include a €400 million ($458.55 million) primary share offering to support growth and debt reduction, along with a secondary sale of approximately €60 million in shares for tax and expense settlements tied to management restructuring.

The company will seek approval to trade on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges via the Spanish continuous market system. While a firm listing date has yet to be confirmed, it remains contingent on regulatory clearance from Spain’s securities regulator, CNMV, and prevailing market conditions.

Cirsa said the capital raised through the primary offering will accelerate its expansion plans and reduce the company’s net leverage ratio to about 2.7x. The company’s 2025 EBITDA is forecast to fall between €740 million ($848.31 million) and €750 million ($859.78 million), and it is targeting revenue of up to €2.33 billion ($2.64 million) by the end of the year.

Founded in 1978 and acquired by Blackstone in 2018, Cirsa now operates in 11 countries and holds leading market positions in both Spain and Latin America. In 2024, the group generated €2.15 billion ($2.46 billion) in net operating income, an 8% rise from the prior year, while EBITDA rose 11% to €699 million ($801.31 million).

CEO Antonio Hostench said: “Today, we take a decisive step toward continuing to write a new page in this extraordinary growth story by announcing our intention to go public.” He and Executive Chairman Joaquim Agut will continue as shareholders after the IPO.

Cirsa’s growth strategy includes further M&A activity, having completed more than 130 acquisitions since 2015. Recent deals include a controlling stake in Peru’s Apuesta Total and entry into the Portuguese market through a majority acquisition of Casino Portugal.

The company has also seen rapid online expansion, with its digital gaming division now accounting for over 22% of its net operating income in Q1 2025, up from 16.5% in the same period last year.

Barclays Bank Ireland, Deutsche Bank, and Morgan Stanley Europe will serve as joint global coordinators for the IPO. The offering will also include a customary overallotment option to support share stability following the listing.