Cirsa IPOs in Spain to raise 460M€ for international expansion
Cirsa, the Spanish multinational gaming and entertainment company controlled by funds managed by Blackstone, officially announced its plan to debut on the Spanish markets through a public offering of sale and subscription (IPO). The operation aims to raise 460 million euros to finance growth, strengthen its capital structure through a significant reduction of leverage, and reorganize the participation of its management team. The announcement was made on JUN 18, 2025, 11:16 and was updated on JUN 18, 2025, 17:08.
The transaction design includes a subscription offer of 400 million in new shares, whose net proceeds, estimated at 375 million euros, will be primarily directed to accelerating its expansion roadmap and repaying existing debt. After execution, the group’s net leverage ratio will stand at 2.7 times pro forma EBITDA as of May 31, 2025. At the same time, the company emphasizes its goal of consolidating its position as a sector benchmark in gaming, leveraging its scale and operational efficiency in key geographies.
Additionally, a sale offer of approximately 60 million euros is contemplated, structured by the company LHMC Midco S.à r.l., for the indirect benefit of current and former employees and executives. This part of the placement is exclusively intended to cover taxes and expenses arising from the reorganization of holdings, without the beneficiaries receiving cash income. The operation includes an overallotment option under usual market terms and is aimed at qualified investors, subject to approval by the National Securities Market Commission (CNMV) and market conditions. Cirsa has applied for admission to trading on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges.
In terms of performance, the company arrives on the stock exchange with historical metrics: in 2024, net operating revenues totaled 2.15 billion euros, an 8% year-on-year increase, and EBITDA reached 699 million, with a margin of 33%. For 2025, the company expects to improve these figures to between 2.28–2.33 billion in revenues and an EBITDA of
In the iGaming and betting environment, a stock market debut as proposed provides visibility and access to capital to drive organic growth, technological innovation, and expansion in regulated markets, both retail and online. In this context, the recent business evolution shows traction: Cirsa earns 18.7 million in the first quarter, a 21.5% increase, thanks to the ‘pull’ of revenues, an indicator that reinforces the narrative of operational scalability in verticals such as casinos, slots, and sports betting, with synergies between physical and digital channels.
Tags: Spain, iGaming Spain, Cirsa, Blackstone, online betting