Blackstone-Owned Gaming Company Cirsa Expects $459M Through Spain IPO
Cirsa has announced plans to raise €460 million through an initial public offering (IPO) on multiple Spanish stock exchanges. The Blackstone-owned gambling company's offering is structured to include €400 million in new capital and an additional €60 million through the sale of secondary shares. The company intends to list its shares on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges via Spain's continuous market system.
LISTEN TO THIS ARTICLE:The proceeds from the primary share issuance are earmarked for corporate growth initiatives and debt reduction. Cirsa expects its net leverage ratio to decline to approximately 2.7 times EBITDA following the completion of the transaction. This adjustment is part of the group's broader financial strategy to improve its balance sheet and invest in further expansion across key markets.
Founded in 1978 in Terrassa, Spain, Cirsa has evolved into a major player in the global gaming industry, operating exclusively in regulated markets. Over the last two decades, the company has expanded its international presence by acquiring leading businesses and strengthening its market position in various jurisdictions.
Cirsa ended the 2024 fiscal year with strong financial results, posting €2.15 billion in net operating income. This figure represents an 8% increase compared to the €1.99 billion recorded in 2023. EBITDA also saw notable growth, rising 11% year-over-year to €699 million, with an EBITDA margin of 33%. These performance metrics reflect the company's ability to maintain operational efficiency while scaling its footprint.
The company currently operates 451 casinos and gaming rooms, along with a portfolio of more than 85,000 slot machines and approximately 2,500 sports betting locations. Cirsa holds dominant market positions in Spain and Latin America, generating 84% of its 2024 EBITDA in countries where it is ranked first or second in market share.
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Online Gaming Gives Cirsa a Boost
Online gaming continues to be a key driver of Cirsa's revenue growth. In the first quarter of 2025, the company's online division contributed 22.5% of total net operating income, up from 16.5% during the same period in 2024. This increase underscores Cirsa's strategic integration of digital and land-based gaming channels, which has become a critical component of its business model.
Cirsa has emphasized its consistent financial track record, noting 67 consecutive quarters of EBITDA growth, excluding periods affected by the COVID-19 pandemic. This history of performance is central to the company's value proposition as it prepares to enter the public markets. The IPO is expected to provide the financial resources needed to support new initiatives and maintain its competitive edge in the gaming industry.
The IPO's timing and finalization remain subject to market conditions and the necessary regulatory approvals from the Comisión Nacional del Mercado de Valores (CNMV), Spain's securities market regulator. Cirsa has appointed Barclays Bank Ireland, Deutsche Bank, and Morgan Stanley Europe as joint global coordinators for the offering. Additional investment banks will participate as joint bookrunners and co-bookrunners, ensuring comprehensive financial and strategic guidance throughout the listing process.
The announcement follows closely behind a similar move by Swedish game developer Hacksaw AB, which is set to debut on Nasdaq Stockholm in the coming week.
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