CIRSA Prepares for IPO on Spanish Stock Exchanges
CIRSA has announced plans to list on Spain’s main stock exchanges through an initial public offering (IPO) targeting €400 million in new capital. The company aims to accelerate growth and reduce its leverage, with the transaction also including a €60 million secondary share sale.
Targeting Growth and Reduced Debt
The offering consists of a €400 million primary share sale and a secondary sale of approximately €60 million, intended to cover tax and restructuring expenses for management. CIRSA expects to raise about €375 million in net proceeds from the primary sale, which will help reduce its net leverage ratio to 2.7x, based on pro forma figures for May 2025.
CIRSA intends to list its shares on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges, via Spain’s Automated Quotation System (Mercado Continuo). The offering is subject to market conditions and the approval of the Spanish securities regulator, CNMV.
Strong Market Position and Expansion Strategy
Founded in Terrassa in 1978 and acquired by Blackstone in 2018, CIRSA operates in 11 countries and focuses exclusively on regulated markets. The company holds leading positions in Spain and Latin America and recently expanded into Portugal and Puerto Rico. For 2024, it reported €2.15 billion in net revenue and €699 million in EBITDA.
CIRSA’s online division, with over 2.1 million active users, plays a key role in its strategy. It holds licenses in Spain, Italy, Portugal, and five Latin American countries. In 2024, it acquired Apuesta Total, the top online betting operator in Peru. Online revenues accounted for 22.5% of total net operating revenues in Q1 2025, up from 16.5% a year earlier.
Diverse Business Units
The company operates through several units: casinos (58% of 2024 EBITDA), online gaming and betting (12%), slot machines in Spain (27%), and slots in Italy (4%). Its Spanish slots network is the country’s largest, and it also runs Unidesa, a B2B supplier of machines and software.
In 2025, CIRSA expects net revenue between €2.28 and €2.33 billion and EBITDA of €740–750 million. It forecasts mid-single-digit growth in land-based operations and up to mid-twenties growth in online gaming. Capital expenditure is expected to stay between 7% and 9% of revenue, decreasing slightly as online business expands.
Focus on ESG and Governance
CIRSA has established a structured ESG framework. According to Sustainalytics, it ranks second among 70 rated casino and gaming firms. S&P Global also awarded the company a score of 45, above the industry average. The ESG strategy is led by Executive Chairman Joaquim Agut.
While no dividend policy has been formally adopted, CIRSA plans to begin distributions in 2026, aiming for a 35% payout ratio based on adjusted net profit. The company also expects to invest €400–500 million in acquisitions between 2025 and 2027, continuing its strategy of selective M&A supported by organic cash flow.