Blackstone-Backed Cirsa Pursues Nearly $3B Spanish Stock Market Debut
Spain’s gambling sector is preparing for its most significant public offering in months as Cirsa, owned by private equity giant Blackstone, moves forward with plans to list on Spanish stock exchanges at a valuation approaching $3 billion. The Madrid-based operator aims to raise approximately 400 million euros through the initial public offering, marking the first Spanish IPO since HBX Group’s February debut.
Valuation Framework and Share Structure
Reuters reports indicate Cirsa is targeting a total enterprise valuation of $2.95 billion through its multi-exchange listing across Barcelona, Bilbao, Madrid, and Valencia via the Automated Quotation System. The company plans to price newly-issued shares at 15 euros each, with the potential for an additional 68 million euros in shares through a green-shoe option designed to accommodate excess investor demand.
The IPO structure aims to reduce Cirsa’s net leverage ratio to approximately 2.7 times, improving the company’s financial profile while providing capital for future expansion initiatives. Market timing and final approval from Spanish securities regulators will determine the exact launch date, with the company monitoring conditions carefully following previous postponement decisions.
Geographic Expansion and Market Position
Since Blackstone’s 2018 acquisition, Cirsa has strengthened its market leadership in Spain while expanding internationally across multiple jurisdictions. The operator now maintains gaming operations in Italy, Morocco, Portugal, Puerto Rico, and various Latin American markets, positioning itself as a diversified European gaming platform with emerging market exposure.
This geographic diversification strategy has enabled Cirsa to capitalize on regulatory developments across different jurisdictions while reducing dependence on any single market. The company’s established presence in regulated markets provides a foundation for continued expansion as additional countries implement comprehensive gaming frameworks.