Blackstone-backed gaming giant plans to raise €453 million to cut debt and reignite public listings in Spain
Spanish gaming and casino operator Cirsa is preparing one of the country’s most ambitious IPOs in recent years, aiming for a €2.5 billion valuation with a share offering priced at €15 per share. Backed by private equity titan Blackstone, the offering will include a mix of 26.7 million new shares and 3.6 million existing shares, with the bulk of proceeds aimed at reducing the company’s debt.
This public float, if successful, would become Spain’s second-largest IPO of 2025, following a wave of stalled listings earlier in the year.
Offering Structure and Financial Goals
Cirsa’s IPO is designed to raise approximately €453 million, driven primarily by the issue of new shares. The company confirmed that nearly all of this capital will be used to pay down existing debt, a strategy often welcomed by investors seeking long-term stability in leveraged firms.
In addition to the primary offering, Blackstone-controlled LHMC Midco will sell 3.6 million existing shares. An over-allotment option worth up to €68 million may also be exercised post-listing, potentially increasing total proceeds.
Cirsa’s IPO marks a pivotal milestone for Blackstone, which acquired the company in 2018, and reflects renewed optimism in European capital markets, particularly within consumer-facing sectors like gaming and leisure.
A Potential Spark for the Spanish IPO Market
Spain’s IPO market has seen mixed momentum in 2025. Recent efforts by Europastry and Bergé were abandoned due to poor investor appetite, while other listings like Puig Brands and Hotelbeds-owner HBX produced varied results in secondary trading.
Cirsa’s scale and international footprint—managing 451 casinos and gaming venues across eight countries—offers stronger fundamentals than some of its predecessors. The company is forecasting €740m–€750m in EBITDA for 2025, giving investors a compelling growth narrative supported by robust geographic diversification.
Cirsa’s Strategic Position in Gaming
Founded in 1978, Cirsa has grown into one of the largest gaming operators in Europe and Latin America, with operations spanning Spain, Italy, and several countries in Latin America, including Colombia and Panama.
The gaming industry has been resilient post-COVID, and Cirsa’s strength in both land-based and digital gaming positions it well for multi-channel expansion. Furthermore, the company has managed to maintain high operating margins despite regulatory shifts in various jurisdictions.
Outlook and Market Implications
The IPO could serve as a litmus test for investor sentiment toward highly-leveraged but cash-generating consumer brands. It also comes amid growing confidence in private equity exits across Europe, particularly as central banks begin to signal interest rate stabilization.
Should the IPO succeed, it will not only provide Cirsa with improved financial flexibility but could reinvigorate Spain’s dormant IPO market ahead of Q3 and Q4 2025.
With Blackstone retaining a significant stake and strategic influence, Cirsa’s IPO represents more than just capital raising—it’s a repositioning for long-term market leadership in regulated gaming worldwide.
