Cirsa Enterprises, backed by Blackstone, is aiming to raise €400m through an initial public offering on the Spanish stock exchange, marking one of the country’s most significant listings in recent years.

The gaming and casino operator plans to issue €375m in new shares to fund international expansion and deleveraging efforts, while existing shareholder LHMC Midco will sell a further €60m in secondary shares. Barclays, Deutsche Bank, and Morgan Stanley are acting as lead managers for the offering.

The IPO proceeds will support Cirsa’s strategic push into high-growth markets, particularly Latin America and Morocco, as well as accelerate its digital gaming operations and fuel €400m–€500m in planned M&A over the next two years.

Acquired by Blackstone in 2018, Cirsa operates 451 venues across eight jurisdictions. The company reported €699m in EBITDA for 2024 – up 11% year-on-year – and expects to reach €740m–€750m in 2025. Q1 2025 results showed 9.1% EBITDA growth.

The offering comes amid a broader resurgence of investor interest in gaming and lottery assets, following the successful IPO of Apollo-backed Lottomatica in Italy. Since listing in 2023, Lottomatica’s share price has more than doubled, with Apollo now having fully exited the business.

Source: Reuters

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