Cirsa to Offer Over 34 Million Shares in IPO for €2.5B Valuation

Cirsa is getting ready to list on the Spanish stock exchange, with its IPO priced at €15 per share. The move could give the company a market valuation of around €2.5 billion ($2.9 billion) and raise €400 million in fresh capital.

The gaming and casino operator confirmed its IPO plans in June after months of speculation. The listing still needs approval from Spain’s National Securities Market Commission. Once the green light is given, the offering will begin.

Good to know

• Cirsa aims to raise €400 million through newly issued shares.
• Total IPO size, including secondary sales and options, could reach €521 million.
• The company has completed more than 130 acquisitions since 2015.

Cirsa will issue 26,666,667 new shares as part of its primary offering, targeting the €400 million mark. A secondary sale, arranged through LHMC Midco, will offer another 3,552,113 shares, mostly to benefit past and current employees, valued at around €53 million.

To support market stability during the IPO, LHMC Midco has also granted Morgan Stanley Europe an over-allotment option. That allows the stabilising manager to purchase up to 4,532,817 additional shares within 30 days of trading launch. If all shares are taken up, the total IPO size would rise to 34,751,597 shares, worth about €521 million.

Cirsa has kept up strong financial performance over the years, growing its EBITDA in 67 straight quarters—except for the period affected by the COVID-19 pandemic. Since being acquired by Blackstone in 2018, Cirsa has expanded into 11 international markets. It entered Portugal and Peru recently through acquisitions.

That aggressive M&A strategy is exactly what Cirsa plans to accelerate with the funds raised. The €400 million in fresh capital is expected to support new deals while also helping to strengthen the company’s financial position.

CEO Antonio Hostench views the IPO as an important milestone for future expansion. “We are taking a defining step to continue writing another page in this extraordinary history of growth by announcing our intention to go public, which will provide us with the opportunity to undertake new projects and continue to consolidate our leadership in the sector,” he said.

Looking ahead to 2025–2027, Cirsa expects to invest more heavily in acquisitions while generating organic cash flow of €400 million to €500 million during that time.

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