Blackstone-backed CIRSA targets $2.9 billion valuation in Spanish IPO

CIRSA Enterprises, the Spain-based casino and gaming operator backed by Blackstone Inc., is aiming for a €2.5 billion ($2.9 billion) valuation in its initial public offering, the country’s second-largest listing so far in 2025.

The company said on Monday it plans to sell approximately 30.2 million shares at a fixed price of €15 each, raising around €453 million. The IPO includes 26.7 million newly issued shares, expected to generate €400 million in primary capital. An additional 3.6 million existing shares will be sold by LHMC Midco, a vehicle controlled by Blackstone and CIRSA management, for approximately €53 million.

An over-allotment option could add up to 4.5 million shares to the offering, potentially increasing the total deal size to €521 million.

CIRSA said most of the proceeds will be used to pay down debt and support its ongoing acquisition strategy, which has seen the company complete more than 130 deals since 2015. Backed by expected organic cash flow of €400–500 million between 2025 and 2027, the company plans to accelerate its expansion efforts across its core markets.

“We are taking a defining step to continue writing another page in this extraordinary history of growth by announcing our intention to go public, which will provide us with the opportunity to undertake new projects and continue to consolidate our leadership in the sector,” said Antonio Hostench, CEO of CIRSA.

Founded in Spain, CIRSA currently operates 451 casinos and gaming halls across 11 countries, including recent market entries in Peru and Portugal. The company reported 67 consecutive quarters of EBITDA growth, excluding COVID-19-impacted periods, and is targeting €740 million ($871 million) to €750 million ($883 million) in EBITDA for 2025.

The IPO remains subject to approval from Spain’s National Securities Market Commission. Once the prospectus is cleared, shares will begin trading on Spanish stock exchanges.

CIRSA’s listing comes as European IPO markets show mixed performance. Recent offerings — including Hotelbeds-owner HBX Group International, Puig Brands SA, and Cox Abg Group SA — have traded below their IPO prices. Still, CIRSA’s planned debut offers a potential boost to Spain’s capital markets, which saw several high-profile IPOs, including Europastry SA and Astara, shelved last year.