Cirsa Enterprises, the Spain-based casino and gaming group backed by Blackstone, has unveiled plans to pursue an initial public offering on the Spanish stock exchange, aiming to raise €400m through the issuance of new shares, according to a report by Bloomberg.
In a statement released Wednesday, the company also disclosed that existing shareholder LHMC Midco intends to sell an additional €60m in secondary shares as part of the offering. Gross proceeds from the primary issuance are expected to total approximately €375m, with funds earmarked to support Cirsa’s international growth ambitions and deleveraging initiatives.
The proposed IPO marks a potential milestone for the Spanish equity market, which has seen limited activity in recent years amid a wave of postponements and cautious investor sentiment. Cirsa’s offering is being led by Barclays, Deutsche Bank and Morgan Stanley.
The capital raise is expected to underpin the company’s strategy to expand its casino footprint in high-growth markets such as Latin America and Morocco, accelerate digital and online gaming initiatives, and execute €400m-€500m in M&A over the next 24 months.
Cirsa, which was acquired by Blackstone in 2018, operates 451 gaming venues across eight jurisdictions. The company reported EBITDA of €699m in 2024, an 11% year-on-year increase. Management is forecasting EBITDA of €740m-€750m for 2025, after posting 9.1% EBITDA growth in Q1.
Cirsa’s IPO comes amid renewed investor interest in gaming and lottery operators, following the strong aftermarket performance of Italy’s Lottomatica Group, backed by Apollo Global Management. Lottomatica shares have more than doubled since its 2023 listing, and Apollo recently completed a full exit from the business.
