Blackstone’s Cirsa plans IPO in Spain
Blackstone-backed Spanish gaming company Cirsa has officially announced plans to launch an initial public offering (IPO) on the Madrid Stock Exchange later this year. The offering aims to raise up to €460m, comprising €400m in newly issued shares and €60m in a secondary share sale. Proceeds will be used to reduce debt and fund growth initiatives.
Cirsa, which operates casinos and gambling platforms across Spain, Latin America, Morocco, Italy, and recently expanded to Portugal and Puerto Rico, reported €699m in EBITDA from €2.15bn in net revenues for 2024. The company plans to invest between €400m and €500m in acquisitions through 2027 and intends to begin distributing dividends in 2026, targeting a payout ratio of 35 per cent of adjusted net profit.
The IPO would mark the first on Madrid’s stock exchange since Spanish clean energy and water utility Cox went public in November 2024. Morgan Stanley, Barclays, and Deutsche Bank are acting as joint global coordinators for the offering.
This move comes after previous delays due to global market uncertainties, with Blackstone now seeking to capitalise on Cirsa’s strong financial performance and favourable market conditions.
