Cirsa IPO confirmed in bid to raise €400m
The Blackstone-owned Spanish gambling operator aims to go public next month.
Spain. A Cirsa IPO will finally go ahead as soon as next month after plans for a flotation earlier in the year were put back amid market volatility. The aim is to generate around €400m through the offering of newly issued ordinary shares.
Trading is anticipated on Spanish exchanges in Madrid, Barcelona, Bilbao, and Valencia. The exact timing will depend on market conditions and the green light from the Spanish Securities Market Commission (CNMV).
The IPO is intended to enhance Cirsa’s growth trajectory, strengthen its capital base and support forthcoming mergers and acquisitions. Proceeds will also be directed toward reducing Cirsa’s net leverage ratio, which it expects to bring down to approximately 2.7x.
Established in 1978 and under Blackstone’s ownership since 2018, Cirsa now has an international footprint across 11 jurisdictions, including Colombia, Mexico, Panama, Peru, Costa Rica, the Dominican Republic and Portugal as well as its native Spain. It has been focusing heavily on acquisitions, taking a 70 per cent interest in the Peruvian operator Apuesta Total last year and a 68 per cent stake in Casino Portugal in January.
Executive chairman Joaquim Agut called the announcement a pivotal event in Cirsa’s history. CEO Antonio Hostench echoed this sentiment, saying the IPO represented a “defining step” in the company’s expansion, offering new avenues for leadership consolidation and strategic initiatives. Both executives will retain their equity stakes post-listing.
Alongside the primary issuance, a secondary share sale amounting to roughly €60m is in the pipeline. The sale, to be carried out by LHMC Midco, is intended to manage tax obligations and restructuring expenses linked to management holdings. Cirsa said no direct cash compensation will be provided to management from the process aside from necessary tax-related allocations. An over-allotment option has been extended to lead coordinators Barclays Bank Ireland, Deutsche Bank Aktiengesellschaft and Morgan Stanley Europe as part of customary procedures.
For fiscal 2025, Cirsa projects EBITDA of between €740m and €750m. It forecasts net operating revenues of €2.28bn to €2.33bn. While it expects land-based operations to grow at a mid-single-digit pace, online gaming is projected to increase at a double-digit rate.
From 2025 through 2027, Cirsa anticipates generating €400–500m in organic cash flow, which it intends to allocate toward further M&A activity.
The IPO confirmation follows a robust start to the year. Cirsa reported first quarter net operating revenue of €576.7m, a rise of 12.5 per cent compared to Q1 of last year.
