Cirsa's Initial Public Offering (IPO) Aims for a Valuation Nearly $3 Billion

Cirsa's Initial Public Offering (IPO) Aims for a Valuation Nearly $3 Billion

**Cirsa's Anticipated IPO: A Stepping Stone towards Rapid Growth**

Cirsa, a leading Spanish gambling company, is set to make a significant move with its planned Initial Public Offering (IPO). The company, backed by investment giant Blackstone, aims to list on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges via the Automated Quotation System [1][2][3].

The IPO, scheduled to commence next week, is poised to raise approximately €453 million, with the primary offering consisting of 26,666,667 newly issued shares at an initial price of €15 per share [2][3]. This listing will value Cirsa at €2.5 billion, marking a significant leap from its previous valuation range of €700 million to €1 billion [1].

The IPO will be the first in Spain since HBX Group went public in February and the second-largest for 2025. The offering also includes a secondary sale of approximately €53 million to settle taxes and expenses related to restructuring management holdings [3].

Cirsa's journey to this point began in 1978. Over the years, it has expanded its footprint beyond Spain, establishing a strong presence in Italy, Morocco, Portugal, Puerto Rico, and Latin America [1]. Its strategic alliance with Blackstone and the subsequent investments have contributed to its rapid growth [1].

The bookbuilding process has commenced, and market conditions and approval from the Spanish securities regulator will determine the success of the IPO. The offering is being managed by a team of bookrunners, including BBVA, Jefferies, Mediobanca, Societe Generale, and UBS [3].

Should the IPO proceed as planned, Cirsa expects to accelerate its growth strategy and reduce leverage. The potential issuance of an additional 68 million euros worth of shares as part of a green-shoe option could further bolster the company's financial resources. This move could potentially reduce Cirsa's net leverage ratio to around 2.7 times [3].

As Cirsa steps into the public market, it brings with it a rich history and a promising future. The IPO is a testament to the company's resilience and its commitment to growth and innovation. The coming weeks will reveal whether the Spanish gambling giant's leap into the public sector will be a successful one.

[1] Reuters. (2025, June 24). Cirsa to launch €400 million IPO in Spain, first since HBX Group. Retrieved from https://www.reuters.com/business/circas-to-launch-400-million-ipo-in-spain-first-since-hbx-group-2025-06-24/

[2] Bloomberg. (2025, June 24). Cirsa Plans €400 Million IPO in Spain, First Since HBX Group. Retrieved from https://www.bloomberg.com/news/articles/2025-06-24/circas-plans-400-million-ipo-in-spain-first-since-hbx-group

[3] Financial Times. (2025, June 24). Cirsa to launch €400m IPO in Spain. Retrieved from https://www.ft.com/content/49438423-c2c6-4b2f-a49e-44723994a05c

The Initial Public Offering (IPO) of Cirsa, a leading Spanish gambling company, aims to raise approximately €453 million in finance, with the primary offering consisting of new shares at an initial price of €15 per share.

Should the IPO proceed as planned, Cirsa expects to use the raised funds to accelerate its growth strategy and reduce leverage, potentially reducing its net leverage ratio to around 2.7 times.

Read also: