Blackstone-Backed CIRSA Prices IPO at €2.52B Valuation

Blackstone’s gambling company CIRSA announced on Monday that it priced its initial public offering (IPO) at €15 per share ($17.60), successfully raising at least 18% of its capital. 

The news comes after Blackstone delayed the introduction of shares scheduled for April following a series of market uncertainties. 

Strong Interest from Investors

The latest valuation from the company that added more momentum to CIRSA’s growth from 2018 onward, places the entire company at roughly €2.52 billion ($2.96 billion). 

The IPO has been heavily oversubscribed, showcasing a lot of interest from investors despite a European equity market that has been quieter this year.

This offering marks the first major IPO in Spain since February, when HBX Group, a travel tech firm, raised €725 million ($852 million) in a deal that valued it at €2.84 billion ($3.33 billion). 

CIRSA is not only Spain’s largest casino operator, but also successfully runs gaming platforms spread across Italy, Morocco, and Latin America. Over the past year, the company also entered Portugal and Puerto Rico, considerably strengthening its global footprint.

In regulatory filings, CIRSA detailed that the maximum size of the offering, which included the over-allotment option, reached €521 million ($612 million), or the equivalent of 34.8 million shares. 

Provided the over-allotment option, which would enable underwriters to sell more shares than initially planned in the IPO, would be fully exercised, the free float of shares available to public investors would reach 20.7%. 

The company wants its shares to officially be traded on the Spanish stock market starting July 9.

A group of leading banks managed the bookbuilding process, including BBVA, Jefferies, Mediobanca, Société Générale, and UBS. 

Moving Forward

However, despite the innovative organization’s successful debut, the broader market for equity capital raises in Europe, the Middle East, and Africa (EMEA) has softened this year. 

In the first half of 2025, issuers in the region collectively raised $71.2 billion, marking a 25% decline compared to the same period last year and the lowest volume in two years.Last month, chief executive officer Antonio Hostench argued that CIRSA’s intention to go public represents an important step forward in their path forward that will give them the chance to initiate new projects while continuing to strengthen their leadership.