Blackstone's Cirsa Plans €2.5 Billion Spanish IPO

Cirsa, Spain’s largest casino operator owned by Blackstone, is set to launch the country’s most high-profile IPO (Initial Public Offering) in over five months, targeting a €2.5 billion valuation. The company will list its shares on the Spanish stock market on July 9, 2025.

On July 7, 2025, the confirmed company value was EUR 2.52 billion, and the share price would be EUR 15. They expect the trading on Spain’s stock market to start on July 9. So far, investors are showing strong interest in the deal, with reports saying it is already oversubscribed.

But this is one of the most anticipated market debuts in Spain this year, considering that Cirsa operates casinos and gambling platforms across Spain and has a significant international presence. Also, its strong cash flow generation has helped position the IPO as a major event for European equity investors.

Cirsa and Blackstone – Company Background

🎰 Cirsa ultima su debut en bolsa con éxito en la prospección de demanda

La compañía de juego y ocio Cirsa ha confirmado a la CNMV que ha completado con éxito la prospección de la demanda para su próxima salida a bolsa, fijando el precio por acción en 15 euros.

📈 Su debut está… pic.twitter.com/H2610618Aj

— Radio Intereconomía (@rintereconomia) July 8, 2025

Cirsa started in 1978 and is based in Terrassa, Spain (near Barcelona). It runs casinos, develops slot machines, and operates betting shops. Most of its business is in Spain, Italy, and Latin America.

Besides Spain, Cirsa is one of the largest gaming companies in Italy and Latin America. It owns over 150 casinos and around 44,000 gaming machines. It’s known for the popular sports betting brand, Sportium.

On the other hand, Blackstone is a major US investment firm that bought Cirsa in 2018 to grow its investment in the gaming and entertainment sector. Since then, Blackstone has worked to make Cirsa more profitable and expand into new areas.

Cirsa is now a big part of Blackstone’s leisure investments. The company is seen as a key player in both the Spanish and international gambling industries, with Spain still making up about half of its profits. The IPO is a way for Blackstone to sell part of Cirsa while still keeping some ownership.

Details of the IPO

Blackstone’s Cirsa Plans to Raise $459 Million in Spain IPO https://t.co/GJdtICZ7HT

— WSJ Business News (@WSJbusiness) June 18, 2025

Cirsa will sell shares at a fixed price of €15 each. The company plans to raise about €400 million by selling new shares, while Blackstone’s holding company, LHMC Midco, will sell the extra shares. There is also an extra (over-allotment) option that could increase the deal size to €521 million.

After the IPO, at least 18% of Cirsa’s shares will be freely traded on the market (free float), with the potential to increase to 20.7% if the over-allotment option is used completely.

Most of the money raised will go towards paying off Cirsa’s debts and making the company financially stronger, supporting future growth and stability.

Timeline and Market Debut

Cirsa’s shares are set to start trading on the Spanish stock market on 9 July 2025. Leading up to this date, the company has completed regulatory steps and received approval from Spain’s stock market authority.

This IPO is a major event for Spain, as it is the first big listing since HBX Group’s in February, and could encourage more companies to go public in the coming months.

Blackstone’s Investment Strategy

Blackstone is one of the world’s biggest private investment firms. Looking at its portfolio, this company invests in companies with strong growth potential, especially in sectors like gaming and entertainment. That’s why it has invested in many companies before, including hotels and casinos in the US and Australia.

The decision to take Cirsa public now comes after Blackstone helped reduce the company’s debt and expand its global reach. By listing Cirsa, Blackstone aims to unlock value from its investment and attract new shareholders.

The timing of the IPO is the company’s strategy to sell part of its stake while market conditions are favourable and investor demand is strong. This fits with Blackstone’s approach of building up businesses, improving their finances, and then selling shares to the public or other investors.

Their plan is to use the Cirsa IPO to strengthen Blackstone’s reputation as a leading investor in the gaming industry. This could also provide funds for new investments in the future.

Our Sources

• Reuters: Blackstone’s gambling co Cirsa expects share listing in Spain on July 9 | Reuters
• Bloomberg: Blackstone’s Cirsa Seeks €2.5 Billion Valuation in Set-Price IPO – Bloomberg
• SBCNews: Blackstone targets €2.5bn IPO of CIRSA
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