Spanish casino operator Cirsa, owned by private equity giant Blackstone, is gearing up for a major public listing on July 9, 2025. The Initial Public Offering (IPO) aims to raise between €453 million and €521 million, valuing the company at approximately €2.52 billion ($3 billion). This IPO marks one of the most significant capital market events in Spain this year and reflects renewed investor interest in the gaming and entertainment sectors.

Cirsa Overview: Spain’s Largest Casino Operator

Founded in 1978 and acquired by Blackstone in 2018, Cirsa is Spain’s leading gaming company with a broad international footprint. It operates:

• Over 85,000 gaming machines

• More than 450 casinos and gaming halls

• Roughly 2,500 betting locations across 11 countries, including Spain, Italy, Morocco, and Latin America

The company has experienced rapid growth in recent years, driven by strategic acquisitions and expansion into online gaming.

Details of the IPO Offering

• Share Price: €15 per share

• Shares Offered: Approximately 30.2 million shares

• Funds Raised: Between €453 million and €521 million (including greenshoe option)

• Expected Valuation: €2.52 billion

• Trading Date: Expected to begin on July 9, 2025, across Spain’s four main stock exchanges — Madrid, Barcelona, Bilbao, and Valencia

The IPO proceeds will primarily be used to reduce Cirsa’s debt and to finance future growth initiatives, including mergers, acquisitions, and digital transformation projects.

Financial Performance and Growth Outlook

Cirsa’s financial metrics for 2025 project:

• Revenue: Between €2.28 billion and €2.33 billion

• EBITDA: Between €740 million and €750 million

The company has completed over 130 acquisitions since 2015 and has increased its online gaming share, which now accounts for over 22% of net operating income as of Q1 2025 — up from 16.5% the previous year.

Market Context and Strategic Position

The Spanish gaming market is poised for strong expansion, with forecasts indicating growth from $9 billion in 2024 to nearly $40 billion by 2033. Cirsa’s IPO timing positions it to capitalize on this rapidly growing sector.

Blackstone will retain a controlling stake of approximately 78.4%, while the public float is expected to be around 18%, potentially increasing to 20.6% with the greenshoe option.

What This Means for Investors and the Market

• Investment Opportunity: Cirsa offers investors exposure to a dominant market player with robust revenue streams and growth potential in both physical and digital gaming.

• Debt Reduction: The IPO proceeds will strengthen Cirsa’s balance sheet, enabling strategic flexibility.

• Industry Impact: This IPO could spark further interest in Spain’s capital markets and gaming sector, attracting new investment into the region.

Conclusion

Cirsa’s IPO represents a major milestone for Spain’s financial and gaming sectors. With Blackstone’s backing and a clear growth strategy, Cirsa is positioned to deliver long-term value for shareholders and expand its footprint across Europe and Latin America.

Stay tuned with ForexFlash for ongoing coverage of Cirsa’s IPO launch, market reaction, and sector analysis.