Cirsa eyes 2.5B valuation in Blackstone-backed IPO
Cirsa Enterprises is placing its bet on a stock market rebound in Spain, pushing ahead with what could become the country’s most ambitious IPO in recent memory. According to , the 바카라 group, backed by private equity heavyweight Blackstone, plans to raise 453 million in a share sale that values the company at 2.5 billion.
Strategic move in a cautious market
The timing is bold. Spains IPO market has been sluggish, shaken by a few high-profile flops. Puig Brands may have led Europes biggest listing in 2024, but its shares have since slipped 19 percent below the issue price following disappointing earnings. Others, like Europastry and fashion retailer Tendam, have pulled their listings altogether.
Still, some believe the tide is turning. That makes the environment more attractive for issuers to come to market in 2025, as long as they can demonstrate financial momentum, said Salvatore Branca, head of equity capital markets for southern Europe at BNP Paribas.
Cirsa seems to agree, offering shares at a fixed price of 15 apiece. The listing would take place on Spains main stock exchange, and if demand holds, a green-shoe option could raise an additional 68 million.
The move follows months of preparation and market positioning which outlined how shifting market sentiment and private equity dynamics set the stage for the deal.
Building a cross-continental 바카라 empire
Founded in 1978 in Terrassa by Manuel Lao Hernndez, Cirsa has grown into a with operations in 11 regulated markets. The company runs 447 바카라s and gaming halls, operating more than 83,000 recreational machines. It welcomes over 50 million visitors every year across countries including Mexico, Costa Rica, Italy, and Morocco.
Cirsa made its first moves into Latin America in the early 1990s and now operates in more than 70 countries. Since CEO Antonio Hostench took the reins in April 2022, the business has focused squarely on expanding in regulated territories and steering clear of legally grey jurisdictions.
Despite industry headwinds, . EBITDA hit 699 million in 2024, up 11 percent year on year, while revenue climbed 8 percent to 2.15 billion. The trend continued into 2025, with Q1 results showing 12.5 percent revenue growth and EBITDA up by 9 percent.
Online gains boost investor confidence
Whats catching investor attention, though, is . Online gaming revenue soared 54.8 percent in the first quarter of 2025, hitting 145 million. That now represents nearly a quarter of the companys total revenue, compared to just 16.5 percent a year earlier.
The broader Spanish gaming sector is also showing strong momentum. Online gambling revenue rose 17.6 percent in 2024 to reach 1.45 billion, while Q3 figures from the countrys regulator reported 366.3 million in gross gaming revenue, a 14.4 percent annual increase. Casino gaming made up more than half of that total.
The IPO is being managed by a group of investment banks including BBVA, Jefferies, Mediobanca, Socit Gnrale, and UBS. It will be Spains first major listing since HBX Group raised 725 million in February 2025. That listing has helped revive market optimism, though its longer-term performance will likely influence how investors approach Cirsas debut.
