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Blackstone is targeting a €2.5bn valuation for the initial public offering (IPO) of its Spanish gaming group CIRSA, as the company prepares to list on the Bolsa Madrid from 9 July.
The IPO marks a key milestone for the Blackstone-owned operator, with shares also set to begin trading on the Barcelona, Valencia, and Bilbao stock exchanges. The listing, initially planned for spring, was delayed due to global market instability.
The offering includes a primary issuance of 26.67 million new shares, aiming to raise €400 million in fresh capital. Of this, €375m will be used to strengthen CIRSA’s capital structure, reduce leverage, and support the company’s growth strategy across retail and digital markets in Spain and Latin America.
A secondary offering of €53m will be used to cover tax liabilities and restructuring costs linked to management shareholdings. Following the IPO, current and former CIRSA executives and employees will collectively retain around 4% of the company’s share capital.
In preparation for the listing, CIRSA successfully issued €600m in senior secured notes in May. The proceeds were used to refinance €306m of debt maturing in 2025, with the remaining €280m allocated to balance sheet optimisation and liquidity enhancement.
This restructuring has delivered clear benefits, with CIRSA reducing its net leverage ratio from 3.8x to 3.4x EBITDA — enhancing its appeal to institutional investors. In 2024, the group generated €2.15bn in revenues and €699m in EBITDA, driven by its dominant position in Spain’s gaming halls and an expanding footprint across Latin America.
The IPO represents a significant monetisation event for Blackstone, which acquired CIRSA in 2018 and has since led an operational and geographic transformation of the business. Notably, Blackstone will not sell any of its own shares in this initial offering, opting instead for a measured entry designed to test investor appetite.
The listing comes amid heightened activity in Europe’s gaming sector, with Novomatic and Lottomatica also pursuing capital market strategies. For Blackstone, the CIRSA float may signal the start of a broader exit from its gaming portfolio, with reports suggesting the firm is preparing to divest its remaining stake in Lottomatica.
