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

The company was founded in 1978 and is headquartered in Terrassa, near Barcelona, Spain. Some of the activities that the firm engages in include running casinos, slot machine development, and running betting shops.

Apart from Spain, Cirsa is a renowned gaming firm that operates in Italy and Latin America. The firm boasts of having more than 150 casinos and 44,000 gaming machines under its umbrella. The firm is also famous for having a popular sports betting brand, Sportium.

On the other hand, Blackstone is a renowned firm that deals with investments and is based in the US. In 2018, Blackstone acquired Cirsa with the aim of increasing investments in the gaming and entertainment industry. Since then, Blackstone has done everything possible to make Cirsa a profitable firm and also expand into other markets. Today, Cirsa is a significant part of Blackstone’s investments in the leisure industry. The firm is also renowned as a significant player in the gambling industry globally and in Spain. In spite of that, half of the firm’s profits come from Spain. The IPO is a way through which Blackstone is seeking to sell part of Cirsa while still maintaining 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.

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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