Blackstone-owned CIRSA IPO holds steady on market debut as casino operator lists in Spain

Shares of Spanish casino group CIRSA ended flat on their stock market debut, marking a rare successful public listing in Europe as the Blackstone-owned firm pressed ahead with its IPO despite market turbulence.

CIRSA’s shares opened 6.7% higher at €16 ($18.70) on Wednesday, briefly valuing the company at €2.7 billion ($3.16 billion), before retreating to close at €15 ($17.53) - the same as its IPO price. The company raised €400 million ($467 million) in fresh capital through the sale of 26 million shares, representing a free float of roughly 18%. The offering, Spain’s second-largest IPO this year, may increase to €521 million if the overallotment option is fully exercised.

The listing stood out in a sluggish European IPO market, which has seen several planned flotations delayed in recent weeks due to geopolitical uncertainty and volatile investor sentiment.

One investor described the offering as oversubscribed multiple times, adding that "the books were covered very quickly," as per Financial Times.

Founded in 1985, CIRSA operates approximately 450 casinos across 11 countries. It was acquired by U.S. private equity firm Blackstone in 2018 at an enterprise value of around €2.1 billion. Since then, the company has pursued an aggressive acquisition strategy, completing around 130 deals worth €1.2 billion, including recent stakes in Peru’s Apuesta Total and Casino Portugal.

In 2024, CIRSA reported an 8% rise in net revenue to €2.2 billion and an 11% increase in EBITDA to €699 million.

CIRSA plans to use the IPO proceeds to reduce its €2.37 billion net debt and continue its expansion. It has identified up to 100 potential acquisition targets, primarily in Spain and Latin America, with plans to spend €400–€500 million over the next three years.

Becoming a public company will allow CIRSA to grow faster and reduce its net debt, said executive chair Joaquim Agut.

Blackstone’s original investment in CIRSA was backed by €1.5 billion in debt, followed by another €400 million used to fund a dividend. According to a person familiar with the matter, CIRSA’s IPO valuation delivers more than 2.5 times the equity invested by the private equity group.

The IPO comes amid wider uncertainty in public markets. The European IPO landscape has cooled, with only 46 companies listing in the first half of 2025, compared with 61 in the same period a year earlier, according to Dealogic. Analysts cite tensions in the Middle East and the threat of U.S. trade tariffs as contributing to the slowdown.

Still, the gambling sector remains one of the region’s stronger performers. Shares in Italian betting operator Lottomatica, floated by Apollo in 2023, have gained more than 80% this year, while British casino operator Rank Group is up over 65% year-to-date.