Blackstone to partially float Cirsa in Madrid IPO, eyes to raise up to $1.1 billion

U.S. private equity giant Blackstone plans to list shares of Cirsa, a Spanish gaming company, on the Madrid stock exchange in the first half of 2025, aiming to raise between €700 million and €1 billion ($732 million to $1.1 billion), according to Spanish newspaper Expansión.  

The listing is expected to involve 20-25% of Cirsa’s shares, with investment banks Barclays, Deutsche Bank, and Morgan Stanley acting as global coordinators. Lazard has been appointed as the financial advisor.  

Blackstone acquired Cirsa in 2018 for €2 billion from founder Manuel Lao Hernandez. The company has since recovered from the pandemic's economic impact, posting strong financial results. Cirsa is on track to exceed €2 billion in net revenues in 2024, with an EBITDA forecasted between €680 million and €710 million and a leverage ratio of 3.7x to 3.9x.  

The gaming operator runs a vast network of over 30,000 gambling machines, 40 bingo halls, six casinos, and 237 arcades across Spain. Cirsa has also expanded its footprint in Latin America, acquiring a 70% stake in Peru’s Apuesta Total earlier this year. The deal added 500 betting points, an online sportsbook, 19 casinos, and 3,200 slot machines to its portfolio.  

Blackstone initially planned a full IPO but is now opting for a partial float, a move reflecting Cirsa’s strong performance and ongoing corporate reorganization.