Key points:
- Cirsa targets €2.5bn valuation with €15 fixed-price shares
- Offering includes 26.7 million new shares and 3.6 million existing shares
- IPO proceeds expected to help pay down company debt
After previously targeting a valuation between €700m and €1bn, Spanish casino operator Cirsa is heading to the public market with a €2.5bn ($2.7bn) valuation target in what will be the country’s second-largest IPO of 2025.
Backed by Blackstone, Cirsa plans to offer roughly 30.2 million shares at a fixed price of €15, which could raise approximately €453m.
The IPO structure includes roughly 26.7 million new shares, with proceeds largely allocated to reducing Cirsa’s debt load.
Additionally, shareholder LHMC Midco, a Blackstone-controlled body, will also release 3.6 million existing shares. Besides that, LHMC may trigger an over-allotment option worth €68m once the shares begin trading on the Spanish stock market.
The IPO follows recent attempts by Europastry and Bergé to enter the market, both of which were shelved. If successful, Cirsa’s entry could set the tone for a stronger Q3 for Spanish listings.
Good to know: Blackstone has backed a €1.3bn refinancing deal with Superbet Group and HPS
The IPO is a significant milestone for Blackstone, which acquired Cirsa in 2018. The company currently manages 451 casinos and gaming venues across eight countries and aims to generate an EBITDA between €740m - €750m in 2025.
Recent debuts from other sectors, such as Hotelbeds-owner HBX and Puig Brands, have seen mixed trading results.
