Cirsa Plans to Generate $430M After Listing on Four Spanish Exchanges

Gaming company Cirsa announced Wednesday its intention to float on the Spanish stock exchanges, with plans to raise €400 million ($430 million) through an initial public offering of newly issued shares.

Cirsa Announces IPO Plans to Raise $430M

The Spanish gaming operator officially announced its plans for an initial public offering, aiming to raise the announced sum in new capital, along with approximately €60 million (about $64.5 million) from secondary share sales. The funds raised from the new share issuance will be used to support growth initiatives and lower the company’s debt levels. 

Cirsa intends to list on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges via the Automated Quotation System. The timing of the IPO will depend on market conditions and approval from Spain’s securities regulator. According to the company, the transaction is expected to reduce its net leverage ratio to around 2.7 times.

The company reported a net operating income of €2.15 billion (around $3.1 billion) for 2024, marking an 8% increase from €1.99 billion ($2.29 billion) the previous year. EBITDA rose by 11% to €699 million ($804 million) during the same period, with a margin of 33%. The company’s online gaming and betting division has experienced notable growth, contributing 22.5% of total net operating income in the first quarter of 2025, up from 16.5% during the same period in the previous year.

Cirsa manages 451 casinos and gaming rooms, over 85,000 slot machines, and roughly 2,500 sports betting outlets, operating in 11 countries. The group maintains leading market positions in Spain and Latin America, with 84% of its 2024 EBITDA generated in countries where it holds either the first or second position in the market.

Officials Talk About This New Move

Joaquim Agut, chairman of Cirsa, explained that this move is a significant milestone in the history of this company, which was founded in Terrassa in 1978. Agut noted that over the past two decades, Cirsa has expanded internationally by acquiring leading companies and strengthening its leadership position in the markets where it operates.

The company’s growth gained further momentum following its transformative alliance with Blackstone in 2018, a partnership it considers fundamental to its success. While Blackstone has been instrumental in the gaming company’s successes, it has also been quite careful with the allocations of its investments. Notably, in March this year, Cirsa’s IPO was left on hold as Blackstone had to manage various market uncertainties.

Meanwhile, Cirsa CEO Antonio Hostench stated that the company is an innovative organization that effectively integrates both physical and online channels. He added that the announcement of Cirsa’s intention to go public marks a significant step forward in its growth journey, providing an opportunity to pursue new projects and further strengthen its leadership in the gaming sector.